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Business Combinations (Tables)

12 Months Ended

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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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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