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Acquisition and Preliminary Purchase Price Allocation (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Asset Acquisition | The following table summarizes the consideration paid for Citizens and the amounts of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):
Consideration: |
Common stock | $ | 61,570 |
Stock option buyout | 495 |
Cash | 13 |
| 62,078 |
Identifiable assets: |
Cash and cash equivalents | 14,013
Investment securities | 41,008
FHLB stock | 620
Loans | 251,406
Fixed assets | 3,237
Bank owned life insurance | 2,966
Deferred tax assets, net | 1,481
Other assets | 5,007
Total identifiable assets | 319,738
Identifiable liabilities: |
Deposits | 299,251
Short-term borrowings | 6,500
Other liabilities | 1,362
Total identifiable liabilities | 307,113
Net identifiable assets (liabilities) | 12,625
Goodwill | 41,175
Core deposit intangible | 8,278
| $ | 62,078 |
319,738
Schedule of Goodwill | The following table summarizes adjustments to goodwill subsequent to December 31, 2022 (in thousands):
| Goodwill
Balance at December 31, 2022 | $ | 108,941 |
Adjustment to goodwill acquired in conjunction with the acquisition of Citizens | 41,175
Balance at September 30, 2023 | $ | 150,116 |

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