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v3.22.1

Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Fair Value of Assets Acquired and Liabilities Assumed | A summary, at fair value, of the assets acquired and liabilities assumed in the Landmark acquisition, as of the acquisition date, is as follows:
(In thousands) | Acquired from Landmark |  | Fair Value Adjustments |  | Fair Value
Assets Acquired |  |  |  |  |
Cash and due from banks | $ | 27,591 |  |  | $ | — |  |  | $ | 27,591 |
Due from banks - time | 100 |  |  | — |  |  | 100 |
Investment securities | 114,793 |  |  | (125) |  |  | 114,668 |
Loans acquired | 785,551 |  |  | 3,953 |  |  | 789,504 |
Allowance for credit losses on loans | (5,980) |  |  | 3,621 |  |  | (2,359) |
Premises and equipment | 9,540 |  |  | (4,099) |  |  | 5,441 |
Bank owned life insurance | 21,287 |  |  | — |  |  | 21,287 |
Core deposit intangible | 88 |  |  | 4,071 |  |  | 4,159 |
Other assets | 13,036 |  |  | (4,655) |  |  | 8,381 |
Total assets acquired | $ | 966,006 |  |  | $ | 2,766 |  |  | $ | 968,772 |
(In thousands) | Acquired from Landmark |  | Fair Value Adjustments |  | Fair Value
Liabilities Assumed |  |  |  |  |
Deposits: |  |  |  |  |
Non-interest bearing transaction accounts | $ | 110,393 |  |  | $ | — |  |  | $ | 110,393 |
Interest bearing transaction accounts and savings deposits | 425,777 |  |  | — |  |  | 425,777 |
Time deposits | 266,835 |  |  | (334) |  |  | 266,501 |
Total deposits | 803,005 |  |  | (334) |  |  | 802,671 |
Other borrowings | 47,023 |  |  | — |  |  | 47,023 |
Accrued interest and other liabilities | 8,459 |  |  | (3,122) |  |  | 5,337 |
Total liabilities assumed | 858,487 |  |  | (3,456) |  |  | 855,031 |
Equity | 107,519 |  |  | (107,519) |  |  | — |
Total equity assumed | 107,519 |  |  | (107,519) |  |  | — |
Total liabilities and equity assumed | $ | 966,006 |  |  | $ | (110,975) |  |  | $ | 855,031 |
Net assets acquired |  |  |  |  | 113,741 |
Purchase price |  |  |  |  | 145,195 |
Goodwill |  |  |  |  | $ | 31,454 |
A summary, at fair value, of the assets acquired and liabilities assumed in the Triumph acquisition, as of the acquisition date, is as follows:
(In thousands) | Acquired from Triumph |  | Fair Value Adjustments |  | Fair Value
Assets Acquired |  |  |  |  |
Cash and due from banks | $ | 7,484 |  |  | $ | — |  |  | $ | 7,484 |
Due from banks - time | 495 |  |  | — |  |  | 495 |
Investment securities | 130,571 |  |  | (1,116) |  |  | 129,455 |
Loans acquired | 702,460 |  |  | (3,674) |  |  | 698,786 |
Allowance for credit losses on loans | (12,617) |  |  | 1,525 |  |  | (11,092) |
Premises and equipment | 2,774 |  |  | 484 |  |  | 3,258 |
Goodwill | 1,550 |  |  | (1,550) |  |  | — |
Core deposit intangible | — |  |  | 5,136 |  |  | 5,136 |
Other assets | 12,806 |  |  | 594 |  |  | 13,400 |
Total assets acquired | 845,523 |  |  | 1,399 |  |  | 846,922 |
Liabilities Assumed |  |  |  |  |
Deposits: |  |  |  |  |
Non-interest bearing transaction accounts | $ | 115,729 |  |  | $ | — |  |  | $ | 115,729 |
Interest bearing transaction accounts and savings deposits | 383,434 |  |  | — |  |  | 383,434 |
Time deposits | 219,477 |  |  | 1,094 |  |  | 220,571 |
Total deposits | 718,640 |  |  | 1,094 |  |  | 719,734 |
Other borrowings | 2,854 |  |  | — |  |  | 2,854 |
Subordinated debentures | 30,700 |  |  | — |  |  | 30,700 |
Accrued interest and other liabilities | 2,882 |  |  | 455 |  |  | 3,337 |
Total liabilities assumed | 755,076 |  |  | 1,549 |  |  | 756,625 |
Equity | 90,446 |  |  | (90,446) |  |  | — |
Total equity assumed | 90,446 |  |  | (90,446) |  |  | — |
Total liabilities and equity assumed | $ | 845,522 |  |  | $ | (88,897) |  |  | $ | 756,625 |
Net assets acquired |  |  |  |  | 90,297 |
Purchase price |  |  |  |  | 130,544 |
Goodwill |  |  |  |  | $ | 40,247 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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