BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The fair value amounts of identified assets acquired and liabilities assumed as part of the Deepstack Acquisition are as follows:


($ in thousands)	Fair Value
Assets acquired:
Cash and cash equivalents	$	4,068
Other intangibles	3,800
Other assets	1,385
Total assets acquired	$	9,253

Liabilities assumed:
Accounts payable	$	3,443

Total liabilities assumed	3,443
Excess of assets acquired over liabilities assumed	$	5,810
Total consideration	24,000
Goodwill	$	18,190

The following table represents the allocation of merger consideration to the assets and liabilities of PMB as of October 18, 2021 and the fair value amounts at acquisition date:


($ in thousands)	Fair Value
Assets acquired:
Cash and due from banks	$	3,196
Interest-earning deposits in financial institutions	475,554


Loans receivable	962,856
Allowance for credit losses	(13,622)
Premises and equipment, net	314
Operating lease right-of-use assets	9,212
Other intangible assets, net(1)	4,074
Income tax receivable	2,035
Deferred income tax, net(1)	9,819
Bank owned life insurance	9,043
Other assets	20,302
Total assets acquired	$	1,482,783

Liabilities assumed:
Deposits	$	1,284,714


Long term debt, net	17,527
Lease liability	9,441
Accrued expenses and other liabilities	4,695
Total liabilities assumed	1,316,377
Excess of assets acquired over liabilities assumed	166,406
Consideration paid	225,384
Goodwill(1)	$	58,978

(1)During the year ended December 31, 2022, goodwill was increased by $1.8 million as a result of updates to the initial fair value amounts recognized. For additional information, see Note 8 - Goodwill and Other Intangibles