XML 52 R35.htm IDEA: XBRL DOCUMENT
v3.22.4

Acquisitions and Divestitures (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale | A summary of the carrying amount of the assets sold and the gain on sale is as follows:
(Dollars in thousands) |
Equipment loans | $ | 191,167 |
Accrued interest receivable | $ | 1,587 |
Assets sold | $ | 192,754 |
Cash consideration | $ | 197,454 |
Return of premium liability | $ | (708) |
Total consideration | $ | 196,746 |
Transaction costs | $ | 73 |
Gain on sale, net of transaction costs | $ | 3,919 |
A summary of the carrying amounts of the assets and liabilities sold and the gains on sale are as follows:
(Dollars in thousands) | June 30, 2022 |  | September 6, 2022 |  | Total
Factored receivables | $ | 67,888 |  |  | $ | 20,131 |  |  | $ | 88,019 |
Accrued interest and fee income | — |  |  | 17 |  |  | 17 |
Assets held for sale | $ | 67,888 |  |  | $ | 20,148 |  |  | $ | 88,036 |
Customer reserve noninterest bearing deposits | $ | 9,682 |  |  | $ | 1,149 |  |  | $ | 10,831 |
Liabilities held for sale | $ | 9,682 |  |  | $ | 1,149 |  |  | $ | 10,831 |
Net assets sold | $ | 58,206 |  |  | $ | 18,999 |  |  | $ | 77,205 |
Cash consideration | $ | 66,292 |  |  | $ | 19,054 |  |  | $ | 85,346 |
Revenue share asset | 5,210 |  |  | 1,027 |  |  | 6,237 |
Total consideration | $ | 71,502 |  |  | $ | 20,081 |  |  | $ | 91,583 |
Transaction costs | 82 |  |  | 49 |  |  | 131 |
Gain on sale, net of transaction costs | $ | 13,214 |  |  | $ | 1,033 |  |  | $ | 14,247 |
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 |
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 |  |  | (3,248) |  |  | 1,455 |
Other liabilities |  | 906 |  |  | 16 |  |  | 922 |
|  | 5,609 |  |  | (3,232) |  |  | 2,377 |
Fair value of net assets acquired |  | $ | 23,399 |  |  | $ | 3,256 |  |  | $ | 26,655 |
Consideration: |  |  |  |  |  |
Cash paid |  | $ | 97,096 |  |  | $ | — |  |  | $ | 97,096 |
Goodwill |  | $ | 73,697 |  |  | $ | (3,256) |  |  | $ | 70,441 |
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 |

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration