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Business Combinations and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  | Initial Values |  | Measurement Period Adjustments |  | Adjusted Values
Assets acquired: |  |  |  |  |  |
Cash |  | $ | 170 |  |  | $ | — |  |  | $ | 170 |
Intangible assets - capitalized software |  | 16,932 |  |  | — |  |  | 16,932 |
Intangible assets - customer relationship |  | 10,360 |  |  | — |  |  | 10,360 |
Other assets |  | 1,546 |  |  | 24 |  |  | 1,570 |
|  | 29,008 |  |  | 24 |  |  | 29,032 |
Liabilities assumed: |  |  |  |  |  |
Deferred income taxes |  | 4,703 |  |  | (3,230) |  |  | 1,473 |
Other liabilities |  | 906 |  |  | 16 |  |  | 922 |
|  | 5,609 |  |  | (3,214) |  |  | 2,395 |
Fair value of net assets acquired |  | $ | 23,399 |  |  | $ | 3,238 |  |  | $ | 26,637 |
Consideration: |  |  |  |  |  |
Cash paid |  | $ | 97,096 |  |  | $ | — |  |  | $ | 97,096 |
Goodwill |  | $ | 73,697 |  |  | $ | (3,238) |  |  | $ | 70,459 |
A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) | Initial Values Recorded at Acquisition Date |  | Measurement Period Adjustments |  | Adjusted Values
Assets acquired: |  |  |  |  |
Factored receivables | $ | 107,524 |  |  | $ | — |  |  | $ | 107,524 |
Allowance for credit losses | (37,415) |  |  | — |  |  | (37,415) |
Factored receivables, net of ACL | 70,109 |  |  | — |  |  | 70,109 |
Intangible assets | 3,500 |  |  | — |  |  | 3,500 |
Indemnification asset | 30,959 |  |  | — |  |  | 30,959 |
Deferred income taxes | 1,448 |  |  | (59) |  |  | 1,389 |
| 106,016 |  |  | (59) |  |  | 105,957 |
Liabilities assumed: |  |  |  |  |
Deposits | 5,361 |  |  | — |  |  | 5,361 |
| 5,361 |  |  | — |  |  | 5,361 |
Fair value of net assets acquired | $ | 100,655 |  |  | $ | (59) |  |  | $ | 100,596 |
Consideration: |  |  |  |  |
Cash paid | $ | 108,375 |  |  | $ | — |  |  | $ | 108,375 |
Stock consideration | 13,942 |  |  | — |  |  | 13,942 |
Receivable due from seller subsequent to liquidation of stock consideration | (17,196) |  |  | — |  |  | (17,196) |
Total consideration | $ | 105,121 |  |  | $ | — |  |  | $ | 105,121 |
Goodwill | $ | 4,466 |  |  | $ | 59 |  |  | $ | 4,525 |
Summary of Factored Receivables, Purchased with Credit Deterioration | The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination:
(Dollars in thousands) |
Purchase price of loans at acquisition | $ | 25,147 |
Allowance for credit losses at acquisition | 37,415
Non-credit discount/(premium) at acquisition | 941
Par value of acquired loans at acquisition | $ | 63,503 |
Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows:
(Dollars in thousands) |
Carrying amount of assets in the disposal group: |
Loans | $ | 84,504 |
Premises and equipment, net | 45 |
Other assets | 11 |
| 84,560 |
Carrying amount of liabilities in the disposal group: |
Other liabilities | 479 |
Total carrying amount | $ | 84,081 |
Total consideration received | 94,531 |
Gain on sale of division | 10,450 |
Transaction costs | 692 |
Gain on sale of division, net of transaction costs | $ | 9,758 |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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