Image guided depth completion is the task of generating a dense depth map from a sparse depth map and a high quality image. In this task, how to fuse the color and depth modalities plays an important role in achieving good performance. This paper proposes a two-branch backbone that consists of a color-dominant branch and a depth-dominant branch to exploit and fuse two modalities thoroughly. More specifically, one branch inputs a color image and a sparse depth map to predict a dense depth map. The other branch takes as inputs the sparse depth map and the previously predicted depth map, and outputs a dense depth map as well. The depth maps predicted from two branches are complimentary to each other and therefore they are adaptively fused. In addition, we also propose a simple geometric convolutional layer to encode 3D geometric cues. The geometric encoded backbone conducts the fusion of different modalities at multiple stages, leading to good depth completion results. We further implement a dilated and accelerated CSPN++ to refine the fused depth map efficiently. The proposed full model ranks 1st in the KITTI depth completion online leaderboard at the time of submission. It also infers much faster than most of the top ranked methods. The code of this work is available at https://github.com/JUGGHM/PENet_ICRA2021.