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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2024
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 are subject to adjustment for up to one year after April 30, 2023, which 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 |  |  | 1,077,929 |  |
Allowance for credit losses (on PCD loans) |  |  | (2,051) |  |
Net loans |  |  | 1,075,878 |  |
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 |  |  | 36,874 |  |
Total assets |  |  | 1,455,704 |  |
Liabilities |  |  |  |
Deposits: |  |  |  |
Non-interest-bearing |  |  | 262,727 |  |
Interest-bearing |  |  | 971,457 |  |
Total deposits |  |  | 1,234,184 |  |
Short-term borrowings |  |  | 60,000 |  |
Long-term borrowings |  |  | 39,453 |  |
Accrued expenses and other liabilities |  |  | 12,967 |  |
Total liabilities |  |  | 1,346,604 |  |
Net assets |  |  | 109,100 |  |
Goodwill |  |  | $ | 68,831 |  |
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 |  | 30,907 |  | (1,340) |  | (2,160) |  | 27,407 |
Commercial and industrial |  | 16,466 |  | (379) |  | (610) |  | 15,477 |
Residential real estate |  | 6,328 |  | (228) |  | (770) |  | 5,330 |
Home equity lines of credit |  | 774 |  | (18) |  | 11 |  | 767 |
Consumer |  | 1,029 |  | (86) |  | 78 |  | 1,021 |
Fair value |  | $ | 55,504 |  | $ | (2,051) |  | $ | (3,451) |  | $ | 50,002 |

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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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