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Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Merger Related Expenses

The following table summarizes the merger related expenses for the years ended December 31, 2021, 2020 and 2019:

			For the Year Ended December 31,
			2021						2020						2019
			(in thousands)
Data processing fees			$	253					$	3,758					$	2,514
Professional fees			343						3,638						4,239
Employee severance payments			663						7,727						2,942
Other/miscellaneous fees			244						824						808
Merger related expenses			$	1,503					$	15,947					$	10,503

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

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																		Pro forma Year ended December 31, 2019
(in thousands, except per share amounts)			(unaudited)
Net interest income			$	41,978					$	27,411					$	17,090																	$	329,327
Credit loss expense			6,117						4,481						385																		2,686
Non-interest income			2,688						45						1,456																		47,484
Non-interest expense			27,431						17,993						12,482																		240,913
Provision for income taxes			2,686						1,204						1,193																		23,870
Net income			$	8,432					$	3,778					$	4,486																	$	109,342
Fully diluted earnings per share																																	$	1.79

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 Ending December 31,						Amortization Expense
2022						$	4,718
2023						3,984
2024						3,250
2025						2,516
2026						1,784
Thereafter						1,963
Total						$	18,215

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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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