Note 2 - ACQUISITION (Tables)

9 Months Ended

Sep. 30, 2022

ACQUISITION

Fair values of the assets acquired and liabilities assumed

	As of
	April 1, 2022
	(dollars in thousands)
ASSETS
Cash and due from banks	$	171,844
Interest-bearing deposits at financial institutions		17,134
Securities		143,017
Loans/leases receivable, net		801,697
Bank-owned life insurance		32,100
Premises and equipment		16,257
Restricted investment securities		2,220
Other real estate owned		55
Intangibles		10,264
Other assets		23,685
Total assets acquired	$	1,218,273
LIABILITIES
Deposits	$	1,076,573
FHLB advances		16,000
Subordinated notes		19,621
Junior subordinated debentures		10,310
Other liabilities		15,225
Total liabilities assumed	$	1,137,729
Net assets acquired	$	80,544
CONSIDERATION PAID:
Cash	$	26,871
Common stock		117,214
Total consideration paid	$	144,085
Goodwill	$	63,541

Schedule of carrying amount of loans acquired and classified

	Guaranty Bank
	April 1, 2022
	(dollars in thousands)
Principal balance of PCD loans at acquisition	$	38,711
Allowance for credit losses at acquisition		(5,902)
Non-credit discount at acquisition		(1,366)
Fair value of PCD loans at acquisition	$	31,443

Schedule of changes in the carrying amount of core deposit

	September 30, 2022
	(dollars in thousands)
Balance at acquisition	$	10,264
Amortization expense		(588)
Balance at the end of the period	$	9,676
Gross carrying amount	$	10,264
Accumulated amortization		(588)
Net book value	$	9,676

Estimated amortization of intangible assets

Year ending, December 31,	Amount
	(dollars in thousands)
2022	$	295
2023		1,162
2024		1,138
2025		1,109
2026		1,076
Thereafter		4,896
	$	9,676

Schedule of FHLB advances and other borrowings

	Amount	Rate	Terms	Maturity Date	Collateral
	(dollars in thousands)
FHLB advance	6,500	0.59%	monthly interest payments; principal due at maturity	5/15/2023	commercial and residential real estate loans
FHLB advance	6,500	0.82%	monthly interest payments; principal due at maturity	5/15/2025	commercial and residential real estate loans
FHLB advance	3,000	1.12%	monthly interest payments; principal due at maturity	5/17/2027	commercial and residential real estate loans
Subordinated notes	19,621	5.25%	monthly interest payments; principal due at maturity	9/30/2030	unsecured
Junior subordinated debentures	10,310	4.09%	monthly interest payments; principal due at maturity	2/23/2036	unsecured
Fair value of borrowings assumed	$ 45,931

Schedule of unaudited pro forma combined operating results

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022			2021
	(dollars in thousands, except per share data)
Net interest income	$	60,769	$	56,684	$	175,743	$	161,229
Noninterest income	$	21,095	$	40,170	$	61,747	$	88,386
Net income	$	29,294	$	35,567	$	70,691	$	82,354
Earnings per common share:
Basic	$	1.73	$	2.01	$	4.23	$	4.60
Diluted	$	1.71	$	1.98	$	4.18	$	4.54