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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Fair Value of Consideration Transferred, Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for VRB and the amounts of assets acquired and liabilities assumed that were recorded at the acquisition date (in thousands):
| Valley Republic Bancorp March 25, 2022
Fair value of consideration transferred: |
Fair value of shares issued | $ | 173,585 |
Cash consideration | 431 |
Total fair value of consideration transferred | 174,016 |
Assets acquired: |
Cash and cash equivalents | 427,314 |
Securities available for sale | 109,716 |
Loans and leases | 771,353 |
Premises and equipment | 4,658 |
Cash value of life insurance | 13,609 |
Core deposit intangible | 10,635 |
Other assets | 26,244 |
Total assets acquired | 1,363,529 |
Liabilities assumed: |
Deposits | (1,215,479) |
Subordinated debt | (47,236) |
SERP liability | (3,352) |
Other liabilities | (10,516) |
Total liabilities assumed | (1,276,583) |
Total net assets acquired | 86,946 |
Goodwill recognized | $ | 87,070 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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