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Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Acquisitions | The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date:
|  | Estimated Fair Value
|  | (dollars in thousands)
Cash payment received from FDIC |  | $ | 809,920 |
Assets acquired: |  |
Cash and due from banks |  | 208,451 |
Investment securities |  | 1,938,571 |
Loans |  | 2,496,902 |
Premises and equipment |  | 1,211 |
CDI |  | 92,600 |
FHLB Stock |  | 37,931 |
Accrued interest receivable |  | 16,164 |
Other assets |  | 9,717 |
Total assets |  | 4,801,547 |
Liabilities assumed: |  |
Deposits |  | 4,112,325 |
Borrowings |  | 1,413,751 |
Accrued interest payable |  | 33,444 |
Other liabilities |  | 640 |
Total liabilities |  | 5,560,160 |
Net assets acquired: |  | (758,613) |
Gain on acquisition, before income taxes |  | $ | 51,307 |
Gain on acquisition, net of income taxes |  | $ | 39,685 |
The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date:
|  | April 26, 2024
|  | Unpaid Principal Balance |  | Estimated Fair Value
|  | (dollars in thousands)
Real estate - commercial mortgage |  | $ | 1,144,465 |  |  | $ | 1,024,004 |
Commercial and industrial |  | 545,374 |  |  | 487,962 |
Real-estate - residential mortgage |  | 947,135 |  |  | 752,328 |
Real-estate - home equity |  | 72,730 |  |  | 66,237 |
Real-estate - construction |  | 153,437 |  |  | 145,597 |
Consumer |  | 20,789 |  |  | 20,774 |
Total acquired loans |  | $ | 2,883,930 |  |  | $ | 2,496,902 |
The following table summarizes PCD Loans:
|  | April 26, 2024
|  | (dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition |  | $ | 1,014,559 |
Fair value of loans with deteriorated credit quality at acquisition |  | 896,316 |
Fair value discount |  | 118,243 |
PCD Loans credit discount |  | (54,767) |
Non-credit discount |  | $ | 63,476 |
Schedule of Acquisition-Related Expenses | The following table details the costs incurred and classified as acquisition-related expenses:
|  | Nine months ended September 30, 2024 |  |
|  | (dollars in thousands)
Salaries and employee benefits |  | $ | 1,405 |  |  |
Net occupancy |  | 9,805 |  |  |
Professional fees |  | 8,792 |  |  |
Charitable donation |  | 5,000 |  |  |
Other |  | 2,996 |  |  |
|  | $ | 27,998 |  |  |

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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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