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Business Combinations (Table)
 12 Months Ended
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