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ACQUISITION OF CBANK (Tables) | 3 Months Ended
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Mar. 31, 2024
ACQUISITION OF CBANK |
Summary of Assets Acquired and Liabilities Assumed | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 15, 2023
​ | ​ | As Previously Reported | ​ | ​ | ​ | As Recasted
​ |  | As Recorded |  | Fair Value | ​ |  | Recast | ​ |  | As Recorded
Years Ended December 31, (in thousands) | ​ | by CBank | ​ | Adjustments | ​ | ​ | ​ | Adjustments | ​ | ​ | ​ | by Republic
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets acquired: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 10,030 | ​ | $ | — | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | $ | 10,030
Investment securities | ​ |  | 16,463 | ​ |  | (4) | ​ | a | ​ |  | (65) | ​ | a | ​ |  | 16,394
Loans | ​ |  | 221,707 | ​ |  | (4,219) | ​ | b | ​ |  | (150) | ​ | b | ​ |  | 217,338
Allowance for loan and lease losses | ​ | ​ | (2,953) | ​ | ​ | 1,353 | ​ | c | ​ | ​ | 1,391 | ​ | c, j | ​ | ​ | (209)
Loans, net | ​ |  | 218,754 | ​ |  | (2,866) | ​ | ​ | ​ |  | 1,241 | ​ | ​ | ​ |  | 217,129
Goodwill | ​ | ​ | 954 | ​ | ​ | (954) | ​ | d | ​ | ​ | — | ​ | ​ | ​ | ​ | —
Core deposit intangible | ​ | ​ | — | ​ | ​ | 2,844 | ​ | e | ​ | ​ | — | ​ | ​ | ​ | ​ | 2,844
Premises and equipment, net | ​ |  | 162 | ​ |  | 35 | ​ | f | ​ |  | (24) | ​ | f | ​ |  | 173
Other assets and accrued interest receivable | ​ |  | 7,067 | ​ |  | (320) | ​ | g | ​ |  | — | ​ | ​ | ​ |  | 6,747
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets acquired | ​ | $ | 253,430 | ​ | $ | (1,265) | ​ | ​ | ​ | $ | 1,152 | ​ | ​ | ​ | $ | 253,317
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities assumed: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest-bearing | ​ | $ | 42,160 | ​ | $ | — | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | $ | 42,160
Interest-bearing | ​ |  | 179,487 | ​ |  | 31 | ​ | h | ​ |  | — | ​ | ​ | ​ |  | 179,518
Total deposits | ​ |  | 221,647 | ​ |  | 31 | ​ | ​ | ​ |  | — | ​ | ​ | ​ |  | 221,678
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities and accrued interest payable | ​ |  | 4,709 | ​ |  | 96 | ​ | i | ​ |  | 50 | ​ | i | ​ |  | 4,855
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities assumed | ​ |  | 226,356 | ​ |  | 127 | ​ | ​ | ​ |  | 50 | ​ | ​ | ​ |  | 226,533
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net assets acquired | ​ | $ | 27,074 | ​ | $ | (1,392) | ​ | ​ | ​ | $ | 1,102 | ​ | ​ | ​ | ​ | 26,784
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash consideration paid | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (51,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 24,216
Explanation of fair value and recast adjustments: ​
| a. | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the investment securities.
| b. | Adjustments to loans to reflect estimated fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
| c. | Adjustments to the Allowance reflect the fair value adjustment to eliminate the acquiree’s recorded allowance for loan losses and other fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
| d. | Adjustment reflects the fair value adjustment to eliminate the recorded goodwill.
| e. | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition.
| f. | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment, net.
| g. | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other assets and accrued interest receivable.
| h. | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed time deposits.
| i. | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other liabilities and accrued interest payable.
| j. | Adjustment reflects a change in estimated fair value based upon further evaluation of PCD loans, including cash payments received subsequent to the date of acquisition.
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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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