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Business Combinations and Asset Acquisitions (Tables)

9 Months Ended

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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Schedule of Acquisition-Related Expenses

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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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