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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 |

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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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