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Acquisition and Divestiture Activity (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Business Acquisition | The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date:
(dollars and shares in thousands) | April 1, 2024
Assets |
Cash and cash equivalents | $ | 177,791 |
Investment securities | 342,490 |
FHLB/Federal Reserve Bank stock | 14,426 |
Loans held-for-sale | 21,159 |
Loans, net of allowance for credit losses | 2,124,695 |
Premises and equipment | 22,481 |
Goodwill | 171,993 |
Other intangible assets | 46,125 |
Company-owned life insurance | 91,475 |
Other assets | 95,530 |
Total assets | $ | 3,108,165 |
Liabilities |
Deposits | $ | 2,560,464 |
Federal Home Loan Bank advances | 75,000 |
Other borrowings | 30,000 |
Accrued expenses and other liabilities | 25,103 |
Total liabilities | $ | 2,690,567 |
Fair value of consideration |
Common stock (24,014 shares issued at $17.41 per share) | $ | 417,598 |
Total consideration | $ | 417,598 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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