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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [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 January 1, 2023. Following the table is a discussion of valuation approaches utilized in estimating the fair values in accordance with ASC 805-10, "Business Combinations." The $114.5 million in goodwill that resulted from this transaction is non-deductible for tax purposes.
($ in thousands) | Fair Value Estimate
Assets acquired: |
Cash and cash equivalents | $ | 22,610 |
Securities available for sale | 112,363 |
Loans, gross | 996,833 |
Allowance for loan losses | (5,610) |
Premises and equipment | 20,268 |
Core deposit intangible | 28,840 |
Operating right-of-use lease assets | 732 |
Other assets | 27,163 |
Total | 1,203,199 |
Liabilities assumed: |
Deposits | 1,045,308 |
Borrowings | 38,800 |
Other liabilities | 4,089 |
Total | 1,088,197 |
Net identifiable assets acquired | 115,002 |
Less: Total consideration | 229,489 |
Goodwill recorded related to acquisition of GrandSouth | $ | 114,487 |
Acquired Loan Portfolio at Acquisition Date | The following table presents additional information related to the acquired loan portfolio at the acquisition date:
($ in thousands) | January 1, 2023
PCD Loans: |
Par value | $ | 152,487 |
Allowance for credit losses | (5,610) |
Non-credit discount | (1,370) |
Purchase price | 145,507 |
Non-PCD Loans: |
Fair Value | 845,716 |
Gross contractual amounts receivable | 865,132 |
Estimate of contractual cash flows not expected to be collected | 22,542 |
Pro Forma Combined Financial Results | 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) | Revenue |  | Net Income
Three Months Ended March 31, 2023 |  |  |
Actual GrandSouth results included in statement of income since acquisition date | $ | 15,540 |  |  | $ | 5,819 |
Three Months Ended March 31, 2022 |  |  |
Supplemental consolidated pro forma for the Company as if GrandSouth had been acquired on January 1, 2022 | 110,424 |  |  | 37,467 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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