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Business Combinations (Tables) | 12 Months Ended
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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 |  |  |  |

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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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