ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of fair value of the assets acquired and liabilities assumed

	PEB
	Acquisition
	Date
	February 1, 2022
Fair value of assets:
Cash and due from banks	$	5,350
Total cash and cash equivalents		5,350
Interest bearing deposits in banks		13,348
Investment securities available-for-sale		3
FHLB stock, at par		2,294
FRB stock, at par		942
Loans, net		412,851
Premises and equipment, net		221
Core deposit intangible		756
Deferred tax assets, net		1,192
Interest receivable and other assets		9,178
Total assets acquired		446,135
Liabilities:
Deposits
Noninterest bearing		60,006
Interest bearing		316,679
Total Deposits		376,685
Interest payable and other liabilities		3,370
Total liabilities assumed		380,055
Stock consideration		64,140
Cash consideration		275
Bargain purchase gain	$	1,665

The following table presents the net assets acquired and the estimated fair value adjustments, which resulted in goodwill at the acquisition date:

	PEB
	Acquisition
	Date
	February 1, 2022
Book value of net assets acquired	$	61,469
Fair value adjustments:
Loans, net		5,840
Premises and equipment, net		26
Core deposit intangible		756
Time deposits		(869)
Reserve for unfunded commitments		283
Write-up right-of-use asset		439
Total purchase accounting adjustments		6,475
Tax effect of purchase accounting adjustments at 27.9%		(1,864)
Fair value of assets acquired		66,080
Value of stock issued/cash paid for stock options		64,415
Bargain purchase gain	$	1,665

Schedule of unaudited pro forma net interest income, net income and earnings per share

	December 31,
	2023		2022 (As Restated)
Net interest income	$	97,874	$	97,566
Net income		27,425		20,992
Basic earnings per share	$	2.27	$	1.56
Diluted earnings per share		2.27		1.56

Schedule of acquisition expenses

	December 31, 2022
	PEB
Severance expense	$	556
Occupancy expense		375
Data processing		1,073
Professional fees		724
Other expenses		347
Total	$	3,075