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MERGERS AND ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Estimated Acquisition-Date Fair Values of the Assets Acquired and Liabilities Assumed | Estimated acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were as follows (dollars in thousands):
| April 1, 2024
Assets acquired |
Cash and cash equivalents | $ | 33,577 |
Securities | 8,086 |
Portfolio loans, net of ACL | 417,230 |
Right of use assets | 253 |
Premises and equipment | 2,045 |
Other intangible assets | 6,346 |
Accrued interest receivable | 4,992 |
Prepaid assets | 185 |
Deferred tax assets | 582 |
Accounts receivable | 42 |
Mortgage servicing rights | 55 |
Other assets | 4,632 |
Total assets acquired | 478,024 |
Liabilities assumed |
Deposits | 392,838 |
Borrowings | 43,887 |
Lease liabilities | 253 |
Other liabilities | 7,096 |
Total liabilities assumed | 444,074 |
Net assets acquired | $ | 33,950 |
Consideration paid |
Cash | $ | 15,200 |
Common stock | 34,375 |
Total consideration paid | $ | 49,575 |
Goodwill | $ | 15,625 |
Schedule of Reconciliation Between the Purchase Price and the Fair Value | The following table provides a reconciliation between the purchase price and the fair value of these loans (dollars in thousands):
| As of April 1, 2024
PCD Financial Assets |
Gross contractual receivable for PCD financial assets | $ | 29,290 |
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets | (1,243) |
Interest premium (discount) specific to PCD financial assets | (1,773) |
Fair value of PCD financial assets | $ | 26,274 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -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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