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Business Combinations and Divestitures (Tables)
12 Months Ended
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 ValuesMeasurement Period AdjustmentsAdjusted Values
Assets acquired:
Cash$170 $— $170 
Intangible assets - capitalized software16,932 — 16,932 
Intangible assets - customer relationship10,360 — 10,360 
Other assets1,546 24 1,570 
29,008 24 29,032 
Liabilities assumed:
Deferred income taxes4,703 (3,230)1,473 
Other liabilities906 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 ACL70,109 — 70,109 
Intangible assets3,500 — 3,500 
Indemnification asset30,959 — 30,959 
Deferred income taxes1,448 (59)1,389 
106,016 (59)105,957 
Liabilities assumed:
Deposits5,361 — 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 consideration13,942 — 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 acquisition37,415
Non-credit discount/(premium) at acquisition941
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, net45 
Other assets11 
84,560 
Carrying amount of liabilities in the disposal group:
Other liabilities479 
Total carrying amount$84,081 
Total consideration received94,531 
Gain on sale of division10,450 
Transaction costs692 
Gain on sale of division, net of transaction costs$9,758