Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following schedule is a breakdown of the assets acquired and liabilities assumed as of the merger date:


	BT Holdings, Inc.
(Dollars in thousands)	As Recorded by Origin
Assets Acquired:
Cash and cash equivalents	$	69,953
Investment securities	456,808
Loans acquired	1,239,532
Allowance for credit losses on loans	(5,527)
Loans receivable, net	1,234,005
Premises and equipment	17,825

Non-marketable equity securities held in other financial institutions	5,873

Core deposit intangible	38,356
Other assets	23,778
Total assets acquired	$	1,846,598

Liabilities Assumed:
Noninterest-bearing deposits	$	398,089
Interest-bearing deposits	865,864
Time deposits	302,506
Total deposits	1,566,459
Securities sold under agreements to repurchase	10,133
Subordinated indebtedness, net	44,074
Accrued expenses and other liabilities	12,674
Total liabilities assumed	1,633,340



Net assets acquired	213,258
Purchase price	307,784
Goodwill	$	94,526

Schedule of Purchased Credit Deteriorated Loans

The following table provides a summary of loans purchased with credit deterioration at the merger transaction date with BTH:


	August 1, 2022
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Residential Real Estate		Commercial and Industrial		Mortgage Warehouse Lines of Credit		Consumer		Total
Unpaid principal balance	$	10,731	$	1,315	$	2,880	$	37,117	$	—	$	169	$	52,212
PCD allowance for credit loss at merger	1		—		—		5,525		—		1		5,527


Non-credit related (premium)/discount	(277)		(92)		3		(77)		—		1		(442)
Fair value of PCD loans	$	11,007	$	1,407	$	2,877	$	31,669	$	—	$	167	$	47,127

Schedule of Unaudited Pro-Forma Information Merger with BTH

The following table presents unaudited pro-forma information as if the merger with BTH had occurred on January 1, 2022. This pro-forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit intangible and related income tax effects and is based on our historical results for the periods presented. Transaction-related costs related to the merger are not reflected in the pro-forma amounts. The pro-forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired BTH at the beginning of fiscal year 2021. Cost savings are also not reflected in the unaudited pro-forma amounts.


(Dollars in thousands except share and per share data)	Pro-Forma for the Year Ended December 31, 2022


Net interest income	$	323,772
Noninterest income	65,900
Net income	104,969

Pro-forma earnings per share:
Basic	$	3.14
Diluted	3.11

Weighted average shares outstanding	33,455,866