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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations And Discontinued Operations And Disposal Groups [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Following the table is a discussion of valuation approaches utilized in estimating the fair values. 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 credit losses |  | (5,610) |
Premises and equipment |  | 20,268 |
Core deposit intangible |  | 28,840 |
Operating right-of-use 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, unaudited) |  | Revenue |  | Net Income
Year Ended December 31, 2023 |  |  |  |
Actual GrandSouth results included in statement of income since acquisition date |  | $ | 58,301 |  |  | $ | 22,058 |
Year Ended December 31, 2022 |  |  |  |
Supplemental consolidated pro forma as if GrandSouth had been acquired on January 1, 2022 |  | 454,579 |  |  | 161,826 |

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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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