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Acquisition and Divestiture Activity (Tables)

6 Months Ended

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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- References

No definition available.

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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

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