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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Merger Related Expenses | The following table summarizes the merger related expenses for the years ended December 31, 2020, 2019 and 2018 was as follows:
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Data processing fees | $ | 3,758 |  |  | $ | 2,514 |  |  | $ | 6,017 |
Professional fees | 3,638 |  |  | 4,239 |  |  | 4,414 |
Employee severance payments | 7,727 |  |  | 2,942 |  |  | 15,660 |
Other/miscellaneous fees | 824 |  |  | 808 |  |  | 820 |
Merger related expenses | $ | 15,947 |  |  | $ | 10,503 |  |  | $ | 26,911 |
Schedule of Estimated Fair Value of the Assets Acquired and the Liabilities Assumed as Date of Acquisition | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Two River, net of total consideration paid (in thousands):
|  |  |  | At January 1, 2020
|  |  |  |  | Estimated Fair Value
Total purchase price: |  |  |  |  | $ | 197,050 |
Assets acquired: |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 51,102 |
Securities |  |  |  |  | 64,381 |
Loans |  |  |  |  | 940,072 |
Accrued interest receivable |  |  |  |  | 2,382 |
Bank owned life insurance |  |  |  |  | 22,440 |
Deferred tax assets, net |  |  |  |  | 3,158 |
Other assets |  |  |  |  | 15,956 |
Core deposit intangible |  |  |  |  | 12,130 |
Total assets acquired |  |  |  |  | 1,111,621 |
Liabilities assumed: |  |  |  |  |
Deposits |  |  |  |  | (941,750) |
Other liabilities |  |  |  |  | (59,026) |
Total liabilities assumed |  |  |  |  | (1,000,776) |
Net assets acquired |  |  |  |  | $ | 110,845 |
Goodwill recorded in the merger |  |  |  |  | $ | 86,205 |
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Country Bank, net of total consideration paid (in thousands):
|  |  |  | At January 1, 2020
|  |  |  |  | Estimated Fair Value
Total purchase price: |  |  |  |  | $ | 112,836 |
Assets acquired: |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 20,799 |
Securities |  |  |  |  | 144,499 |
Loans |  |  |  |  | 618,408 |
Accrued interest receivable |  |  |  |  | 1,779 |
Deferred tax assets, net |  |  |  |  | (3,117) |
Other assets |  |  |  |  | 9,195 |
Core deposit intangible |  |  |  |  | 2,117 |
Total assets acquired |  |  |  |  | 793,680 |
Liabilities assumed: |  |  |  |  |
Deposits |  |  |  |  | (652,653) |
Other liabilities |  |  |  |  | (67,240) |
Total liabilities assumed |  |  |  |  | (719,893) |
Net assets acquired |  |  |  |  | $ | 73,787 |
Goodwill recorded in the merger |  |  |  |  | $ | 39,049 |
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Capital Bank, net of total consideration paid (in thousands):
|  |  |  | At January 31, 2019
|  |  |  |  | Estimated Fair Value
Total Purchase Price: |  |  |  |  | $ | 76,834 |
Assets acquired: |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 59,748 |
Securities |  |  |  |  | 103,775 |
Loans |  |  |  |  | 307,300 |
Accrued interest receivable |  |  |  |  | 1,390 |
Bank owned life insurance |  |  |  |  | 10,460 |
Deferred tax assets, net |  |  |  |  | 4,101 |
Other assets |  |  |  |  | 4,980 |
Core deposit intangible |  |  |  |  | 2,662 |
Total assets acquired |  |  |  |  | 494,416 |
Liabilities assumed: |  |  |  |  |
Deposits |  |  |  |  | (449,018) |
Other liabilities |  |  |  |  | (5,210) |
Total liabilities assumed |  |  |  |  | (454,228) |
Net assets acquired |  |  |  |  | $ | 40,188 |
Goodwill recorded in the merger |  |  |  |  | $ | 36,646 |
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Sun, net of the total consideration paid (in thousands):
|  |  |  |  |  | At January 31, 2018
|  |  |  |  |  | Estimated Fair Value
Total Purchase Price: |  |  |  |  |  | $ | 474,930 |
Assets acquired: |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | $ | 68,632 |
Securities |  |  |  |  |  | 254,522 |
Loans |  |  |  |  |  | 1,517,345 |
Accrued interest receivable |  |  |  |  |  | 5,621 |
Bank owned life insurance |  |  |  |  |  | 85,238 |
Deferred tax assets, net |  |  |  |  |  | 57,597 |
Other assets |  |  |  |  |  | 43,202 |
Core deposit intangible |  |  |  |  |  | 11,897 |
Total assets acquired |  |  |  |  |  | 2,044,054 |
Liabilities assumed: |  |  |  |  |  |
Deposits |  |  |  |  |  | (1,616,073) |
Borrowings |  |  |  |  |  | (127,727) |
Other liabilities |  |  |  |  |  | (13,242) |
Total liabilities assumed |  |  |  |  |  | (1,757,042) |
Net assets acquired |  |  |  |  |  | $ | 287,012 |
Goodwill recorded in the merger |  |  |  |  |  | $ | 187,918 |
Business Acquisition, Pro Forma Information |
| Two River Actual from January 1, 2020 to December 31, 2020 |  | Country Bank Actual from January 1, 2020 to December 31, 2020 |  | Capital Bank Actual from January 31, 2019 to December 31, 2019 |  | Sun Actual from January 31, 2018 to December 31, 2018 |  |  |  |  |  | Pro forma Year ended December 31, 2019 |  | Pro forma Year ended December 31, 2018
(in thousands, except per share amounts) | (unaudited)
Net interest income | $ | 41,978 |  |  | $ | 27,411 |  |  | $ | 17,090 |  |  | $ | 63,889 |  |  |  |  |  |  | $ | 329,327 |  |  | $ | 337,118 |
Credit loss expense | 6,117 |  |  | 4,481 |  |  | 385 |  |  | 1,215 |  |  |  |  |  |  | 2,686 |  |  | 4,545 |
Non-interest income | 2,688 |  |  | 45 |  |  | 1,456 |  |  | 7,961 |  |  |  |  |  |  | 47,484 |  |  | 43,677 |
Non-interest expense | 27,431 |  |  | 17,993 |  |  | 12,482 |  |  | 35,184 |  |  |  |  |  |  | 240,913 |  |  | 258,072 |
Provision for income taxes | 2,686 |  |  | 1,204 |  |  | 1,193 |  |  | 7,090 |  |  |  |  |  |  | 23,870 |  |  | 21,098 |
Net income | $ | 8,432 |  |  | $ | 3,778 |  |  | $ | 4,486 |  |  | $ | 28,361 |  |  |  |  |  |  | $ | 109,342 |  |  | $ | 97,080 |
Fully diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1.79 |  |  | $ | 1.56 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for the core deposit intangible over the next five years and thereafter is as follows (in thousands):
For the Year Ended December 31, |  | Amortization Expense
2021 |  | $ | 5,452 |
2022 |  | 4,718 |
2023 |  | 3,984 |
2024 |  | 3,250 |
2025 |  | 2,516 |
Thereafter |  | 3,748 |
Total |  | $ | 23,668 |

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