XML 50 R36.htm IDEA: XBRL DOCUMENT v3.25.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Merger Related Expenses The following table summarizes the merger related expenses for the years ended December 31, 2024, 2023 and 2022:
For the Year Ended December 31,
202420232022
(in thousands)
Data processing fees$— $10 $790 
Professional fees1,506 12 1,936 
Other/miscellaneous fees273 — 9 
Merger related expenses$1,779 $22 $2,735 
Schedule of Estimated Fair Values of the Assets Acquired and the Liabilities Assumed
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed by the Company at the date of the acquisition for Spring Garden, net of total consideration paid (in thousands):
At October 1, 2024
Estimated
Fair Value
Total consideration paid (1)
$162,704 
Assets acquired:
Cash and cash equivalents$68 
Loans140,062 
Other real estate owned1,666 
Premises and equipment157 
Other assets1,122 
Customer relationship intangible6,500 
Total assets acquired149,575 
Liabilities assumed:
Other liabilities4,033 
Total liabilities assumed4,033 
Net assets acquired$145,542 
Goodwill recorded$17,162 
(1)Cash consideration paid was $68 million. The difference between the cash and total consideration paid includes adjustments for the settlement of pre-existing relationships.
Schedule of Future Amortization Expense
The estimated future amortization expense for core deposit intangible and customer relationship intangible over the next five years and thereafter are as follows (in thousands):
For the Year Ending December 31,Amortization Expense
2025$3,634 
20263,269 
20272,616 
20281,600 
2029918 
Thereafter643 
Total$12,680