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MERGERS AND ACQUISITIONS (Tables)

9 Months Ended

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

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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

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