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Acquisitions (Tables)

3 Months Ended

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

Purchased Credit Deteriorated Loans

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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

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