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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Assets Acquired and Liabilities Assumed | The following table provides the preliminary purchase price calculation as of the date of the Limestone Merger, and the assets acquired and liabilities assumed at their estimated fair values. The estimated fair values below were considered preliminary as of September 30, 2023, and are subject to adjustment for up to one year after April 30, 2023. Valuations subject to change include, but are not limited to, loans, including the designation of PCD loans, deferred tax assets and liabilities, long-term borrowings, and certain other assets and other liabilities.
(Dollars in thousands) |  |  | Fair Value |
Total purchase price |  |  | $ | 177,931 |  |
Assets |  |  |  |
Cash and balances due from banks |  |  | 6,422 |  |
Interest-bearing deposits in other banks |  |  | 87,115 |  |
Total cash and cash equivalents |  |  | 93,537 |  |
Available-for-sale investment securities, at fair value |  |  | 166,944 |  |
Other investment securities |  |  | 5,716 |  |
Total investment securities |  |  | 172,660 |  |
Loans |  |  | 1,079,980 |  |
Allowance for credit losses (on PCD loans) |  |  | (1,161) |  |
Net loans |  |  | 1,078,819 |  |
Bank premises and equipment, net of accumulated depreciation |  |  | 17,690 |  |
(Dollars in thousands) |  |  | Fair Value |
Bank owned life insurance |  |  | 31,343 |  |
Other intangible assets |  |  | 27,722 |  |
Other assets |  |  | 34,925 |  |
Total assets |  |  | 1,456,696 |  |
Liabilities |  |  |  |
Deposits: |  |  |  |
Non-interest-bearing |  |  | 262,727 |  |
Interest-bearing |  |  | 971,457 |  |
Total deposits |  |  | 1,234,184 |  |
Short-term borrowings |  |  | 60,000 |  |
Long-term borrowings |  |  | 33,744 |  |
Accrued expenses and other liabilities |  |  | 12,967 |  |
Total liabilities |  |  | 1,340,895 |  |
Net assets |  |  | 115,801 |  |
Goodwill |  |  | $ | 62,130 |  |
The below table reflects the changes in the estimated fair value as they impact goodwill at September 30, 2023:
(Dollars in thousands) |  |  | Fair Value
Cash and balances due from banks |  |  | 1,162 |
Total cash and cash equivalents |  |  | 1,162 |
Loans |  |  | 727 |
Allowance for credit losses (on PCD loans) |  |  | (153) |
Net loans |  |  | 574 |
Other assets |  |  | (447) |
Total assets |  |  | 1,289 |
Net assets |  |  | 1,289 |
Goodwill |  |  | $ | (1,289) |
The following table provides the final purchase price calculation as of the date of the acquisition of Vantage, and the assets acquired and liabilities assumed at their estimated fair values.
(Dollars in thousands) |  |  | Fair Value |
(Dollars in thousands) |  |  | Fair Value |
Total purchase price |  |  | $ | 82,893 |  |
Net assets at fair value |  |  |  |
Assets |  |  |  |
Cash and due from banks |  |  | $ | 1,444 |  |
Leases |  |  | 155,726 |  |
Allowance for credit losses (on PCD leases) |  |  | (801) |  |
Net leases |  |  | 154,925 |  |
Bank premises and equipment |  |  | 116 |  |
Other intangible assets |  |  | 13,207 |  |
Other assets |  |  | 1,506 |  |
Total assets |  |  | $ | 171,198 |  |
Liabilities |  |  |  |
Borrowings |  |  | $ | 106,919 |  |
Accrued expenses and other liabilities |  |  | 8,550 |  |
Total liabilities |  |  | $ | 115,469 |  |
Net assets |  |  | $ | 55,729 |  |
Goodwill |  |  | $ | 27,164 |  |
Summary of Acquired Purchased Credit Deteriorated Loans | The following table details the fair value adjustment for acquired PCD loans as of the acquisition date:
(Dollars in thousands) |  | Par Value | Allowance for Credit Losses | Non-Credit (Discount) Premium | Fair Value
PCD loans |  |  |  |  |
Commercial real estate, other |  | 16,390 |  | (418) |  | (877) |  | 15,095 |
Commercial and industrial |  | 16,466 |  | (379) |  | (610) |  | 15,477 |
Residential real estate |  | 6,994 |  | (259) |  | (979) |  | 5,756 |
Home equity lines of credit |  | 774 |  | (18) |  | 11 |  | 767 |
Consumer |  | 1,029 |  | (86) |  | 78 |  | 1,021 |
Fair value |  | $ | 41,653 |  | $ | (1,160) |  | $ | (2,377) |  | $ | 38,116 |
The following table details the fair value adjustment for acquired PCD leases related to the Vantage acquisition as of the acquisition date:
(Dollars in thousands) |  | Par Value | Allowance for Credit Losses | Non-Credit Premium | Fair Value
PCD leases |  |  |  |  |
Leases |  | $ | 3,412 |  | $ | (801) |  | $ | 1,120 |  | $ | 3,731 |
Fair value |  | $ | 3,412 |  | $ | (801) |  | $ | 1,120 |  | $ | 3,731 |
Summary of Pro Forma Information | The pro forma information does not necessarily reflect the results of operations that would have occurred had Peoples acquired Limestone on January 1, 2022. Additionally, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts.
| Unaudited Pro Forma For
| Three Months Ended |  | Nine Months Ended
(Dollars in thousands) | September 30, 2023 | September 30, 2022 |  | September 30, 2023 | September 30, 2022
Net interest income | $ | 88,541 |  | $ | 83,235 |  |  | $ | 266,367 |  | $ | 228,719 |
Non-interest income | 23,204 |  | 22,594 |  |  | 63,756 |  | 66,524 |
Net income | 31,906 |  | 33,319 |  |  | 98,810 |  | 92,639 |

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