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Business Combinations (Table) | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Fair value of identifiable assets acquired and liabilities assumed | The following table presents the fair values of the consideration and major classes of identifiable assets acquired and liabilities assumed by PEF as of October 15, 2021.
|  | Book value prior to |  |  |  |  |
|  | purchase accounting |  | Fair value |  | As recorded by
(In thousands) | adjustments |  | adjustments |  | Popular, Inc.
Cash consideration | $ | 156,628 |  | $ | - |  | $ | 156,628
Contingent consideration |  | - |  |  | 9,241 |  |  | 9,241
Total consideration | $ | 156,628 |  | $ | 9,241 |  | $ | 165,869
Assets: |  |  |  |  |  |  |  |
Cash and due from banks | $ | 800 |  | $ | - |  | $ | 800
Commercial loans |  | 118,907 |  |  | (3,332) |  |  | 115,575
Premises and equipment |  | 6,987 |  |  | 2,009 |  |  | 8,996
Accrued income receivable |  | 57 |  |  | - |  |  | 57
Other assets |  | 2,822 |  |  | - |  |  | 2,822
Other intangible assets |  | - |  |  | 2,887 |  |  | 2,887
Total assets | $ | 129,573 |  | $ | 1,564 |  | $ | 131,137
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  | 14,439 |  |  | - |  |  | 14,439
Total liabilities | $ | 14,439 |  | $ | - |  | $ | 14,439
Net assets acquired | $ | 115,134 |  | $ | 1,564 |  | $ | 116,698
Goodwill on acquisition |  |  |  |  |  |  | $ | 49,171

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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