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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, 2022September 6, 2022Total
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 asset5,210 1,027 6,237 
Total consideration$71,502 $20,081 $91,583 
Transaction costs82 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, 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 
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 (3,248)1,455 
Other liabilities906 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 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