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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Acquisitions [Abstract] |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed:
|  | August 11, 2023 |
(In thousands) |  | Salisbury Bancorp, Inc. |
Consideration: |  |  |
Cash paid to shareholders (fractional shares) |  | $ | 15 |
Common stock issuance |  |  | 161,723 |
Total net consideration |  | $ | 161,738 |
Recognized amounts of identifiable assets acquired and (liabilities) assumed: |  |  |  |
Cash and cash equivalents |  | $ | 48,665 |
Securities available for sale |  |  | 122,667 |
Loans, net of allowance for credit losses on purchased credit deteriorated loans |  |  | 1,174,237 |
Premises and equipment, net |  |  | 13,026 |
Core deposit intangibles |  |  | 31,188 |
Wealth management customer intangible |  |  | 4,654 |
Bank owned life insurance |  |  | 30,315 |
Other assets |  |  | 37,631 |
Total identifiable assets acquired |  | $ | 1,462,383 |
Deposits |  | $ | (1,308,976 | )
Borrowings |  |  | (55,461 | )
Other liabilities |  |  | (15,949 | )
Total liabilities assumed |  | $ | (1,380,386 | )
Total identifiable assets, net |  | $ | 81,997 |
Goodwill |  | $ | 79,741 |
Fair Value of Acquired PCD Loans | The following table provides details related to the fair value of acquired PCD loans.
(In thousands) |  | PCD Loans |
Par value of PCD loans at acquisition |  | $ | 219,076 |
Allowance for credit losses at acquisition |  |  | 5,772 |
Discount at acquisition |  |  | (24,512 | )
Fair value of PCD loans at acquisition |  | $ | 200,336 |
Unaudited Pro Forma Information | The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and nine months ended September 30, 2023, as if Salisbury had been acquired on January 1, 2023. This unaudited pro forma information combines the historical results of Salisbury with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision expense resulting from recording loan assets at fair value, cost savings or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.
|  | Pro Forma (Unaudited) |
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | September 30, 2023 |  |  | September 30, 2023 |
Total revenue, net of interest expense |  | $ | 130,881 |  |  | $ | 404,580 |
Net income |  |  | 12,182 |  |  |  | 81,859 |

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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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