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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations And Discontinued Operations And Disposal Groups [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of acquired assets, identified intangible assets, and liabilities assumed as of October 15, 2021. Following the table is a discussion of valuation approaches utilized in estimated the fair values in accordance with ASC 850-10. The $132.4 million in goodwill that resulted from this transaction is non-deductible for tax purposes.
($ in thousands) | Fair Value Estimate
Assets acquired: |
Cash and cash equivalents | $ | 210,422 |
Securities available for sale | 226,228 |
Loans held for sale | 51,779 |
Loans | 1,230,107 |
Premises and equipment | 21,509 |
Core deposit intangible | 9,170 |
Operating right-of-use lease assets | 4,649 |
Other assets | 61,020 |
Total | 1,814,884 |
Liabilities assumed: |
Deposits | 1,593,135 |
Borrowings | 11,038 |
Other liabilities | 17,248 |
Total | 1,621,421 |
Net identifiable assets acquired | 193,463 |
Less: Total consideration | 325,819 |
Goodwill recorded related to acquisition of Select | $ | 132,356 |
Acquired Loan Portfolio at Acquisition Date | The following table presents additional information related to the acquired loan portfolio at the acquisition date:
($ in thousands) | October 15, 2021
PCD Loans: |
Par value | $ | 111,835 |
Allowance for credit losses | (4,895) |
Non-credit discount | (1,251) |
Purchase price | $ | 105,689 |
Non-PCD Loans: |
Fair Value | $ | 1,124,418 |
Gross contractual amounts receivable | 1,134,879 |
Estimate of contractual cash flows not expected to be collected | 13,257 |
Pro Forma Combined Financial Results | The following table also discloses the impact of the acquisition of Select from the acquisition date of October 15, 2021 through December 31, 2021. These amounts are included in the Company’s consolidated financial statements as of and for the year ended December 31, 2021. Merger-related costs have been excluded from these amounts and the provisions for credit loss amounts associated with non-PCD loans and unfunded commitments that were discussed above have also been excluded.
($ in thousands, unaudited) | Revenue |  | Net Income
Year Ended December 31, 2021 |  |  |
Actual Select results included in statement of income since acquisition date | $ | 15,175 |  |  | $ | 8,813 |
Supplemental consolidated pro forma as if Select had been acquired on January 1, 2020 | 380,241 |  |  | 143,882 |
Year Ended December 31, 2020 |  |  |
Supplemental consolidated pro forma as if Select had been acquired on January 1, 2020 | $ | 362,654 |  |  | $ | 93,980 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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