Business Combination (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of acquired loans

	June 30, 2020						December 31, 2019
	Acquired Loans -		Acquired Loans -				Acquired Loans -		Acquired Loans -
	Purchased		Purchased		Acquired Loans -		Purchased		Purchased		Acquired Loans -
(Dollars in thousands)	Credit Impaired		Performing		Total		Credit Impaired		Performing		Total
Outstanding principal balance	$	18,591	$	116,971	$	135,562	$	6,262	$	27,839	$	34,101
Carrying amount
Real estate – residential mortgage	$	1,814	$	22,448	$	24,262	$	107	$	7,035	$	7,142
Real estate – construction		—		3,762		3,762		—		—		—
Commercial, financial and agricultural1		5,452		74,254		79,706		563		11,338		11,901
Equity lines		77		11,767		11,844		35		8,046		8,081
Consumer		488		2,317		2,805		—		3		3
Total acquired loans	$	7,831	$	114,548	$	122,379	$	705	$	26,422	$	27,127

1 Includes acquired loans classified by the Corporation as commercial real estate lending and commercial business lending.

Peoples Bankshares, Incorporated (Peoples)

Schedule of total consideration paid, the fair values of assets acquired and liabilities assumed, and the resulting goodwill

	Amounts
	Recognized as of
(Dollars in thousands)	January 1, 2020
Purchase price:
Cash paid	$	10,579
Common stock issued		11,612
Total purchase price	$	22,191
Identifiable assets acquired:
Cash and cash equivalents	$	29,680
Securities available for sale		17,169
Loans		124,195
Accrued interest receivable		430
Corporate premises and equipment		3,105
Other real estate owned		281
Core deposit intangible asset		1,711
Bank-owned life insurance		3,591
Investment in small business investment company		1,493
Other receivables		5,234
Other assets		3,658
Total identifiable assets acquired		190,547
Identifiable liabilities assumed:
Demand and savings deposits		94,798
Time deposits		77,018
Borrowings		4,245
Accrued interest payable		260
Salaries, benefits and deferred compensation		2,054
Other liabilities		747
Total identifiable liabilities assumed		179,122
Net identifiable assets assumed	$	11,425
Goodwill resulting from acquisition	$	10,766

Schedule of acquired loans

(Dollars in thousands)	January 1, 2020
Contractual principal and interest due	$	20,310
Nonaccretable difference		(7,679)
Expected cash flows		12,631
Accretable yield		(3,372)
Purchase credit impaired loans - estimated fair value	$	9,259

Schedule of unaudited pro forma amounts

	Unaudited Pro Forma		Unaudited Pro Forma
	Three Months Ended		Six Months Ended
(Dollars in thousands, except per share amounts)	June 30, 2019		June 30, 2019
Total revenues (net interest income plus nonintererest income)	$	30,808	$	59,463
Net income	$	5,969	$	10,258
Net income per share, basic and diluted	$	1.63	$	2.78