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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Allocation of the Purchase Price | The allocation of the purchase price is as follows:
(In thousands) |
Assets acquired: |
Cash and cash equivalents | $ | 316,079 |
Investment securities | 226 |
Restricted stock | 2,209 |
Loans | 837,505 |
Goodwill | 51,031 |
Core deposit intangible | 3,391 |
Customer list intangible | 2,160 |
Bank owned life insurance | 32,120 |
Premises and equipment | 12,524 |
Deferred income taxes | 7,116 |
Accrued interest receivable | 1,919 |
Other assets | 6,641 |
Total assets acquired | 1,272,921 |
Liabilities assumed: |
Deposits: |
Noninterest-bearing demand | 182,291 |
Interest-bearing demand | 371,283 |
Money Market | 152,365 |
Savings | 176,294 |
Time | 199,414 |
Long-term debt | 6,500 |
Subordinated debt and trust preferred securities | 36,308 |
Accrued interest payable | 439 |
Other liabilities | 5,043 |
Total liabilities assumed | 1,129,937 |
Consideration paid | $ | 142,984 |
Cash paid | $ | 792 |
Fair value of common stock issued | 142,192 |
Summary of the Final Estimated Fair Value of the Assets Acquired and Liabilities and Equity Assumed | Accounting Standards Codification ("ASC") Topic 805, Business Combinations, allows for adjustments to goodwill up to one year after the merger date for information that becomes available during this post-merger period that reflects circumstances at the date of merger. During 2022, the Corporation increased its goodwill $36 thousand to account for changes to the deferred income tax asset and current income tax receivable upon the completion of the Riverview final tax return. The following table summarizes the final estimated fair value of the assets acquired and liabilities and equity assumed in the Riverview transaction.
(In thousands) |
Total purchase price (consideration paid) | $ | 142,984 |
Net assets acquired: |
Cash and cash equivalents | 316,079 |
Investment securities | 226 |
Restricted stock | 2,209 |
Loans | 837,505 |
Core deposit intangible | 3,391 |
Customer list intangible | 2,160 |
Bank owned life insurance | 32,120 |
Premises and equipment | 12,524 |
Deferred income taxes | 7,116 |
Accrued interest receivable | 1,919 |
Other assets | 6,641 |
Deposits: |
Noninterest-bearing demand | (182,291) |
Interest-bearing demand | (371,283) |
Money Market | (152,365) |
Savings | (176,294) |
Time | (199,414) |
Long-term debt | (6,500) |
Subordinated debt and trust preferred securities | (36,308) |
Accrued interest payable | (439) |
Other liabilities | (5,043) |
Net assets acquired | 91,953 |
Goodwill | $ | 51,031 |
Fair Value Adjustments Made to the Amortized Cost Basis, Presented at the Fair Value of Loans Acquired | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired.
(In thousands) |
Gross amortized cost basis at November 30, 2021 | $ | 850,920 |
Market rate adjustment | 529 |
Credit fair value adjustment on pools of homogeneous loans | (13,117) |
Credit fair value adjustment on impaired loans | (827) |
Fair value of purchased loans at November 30, 2021 | $ | 837,505 |
Fair Value of the Loans Acquired | The information about the acquired Riverview impaired loan portfolio as of November 30, 2021 is as follows:
(In thousands) |
Contractually required principal and interest at acquisition | $ | 5,591 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (1,739)
Expected cash flows at acquisition | 3,852
Interest component of expected cash flows (accretable discount) | (541)
Fair value of acquired loans | $ | 3,311 |
Pro Forma Information |
| For the Year Ended December 31,
(In thousands, except per share data) | 2021 |  | 2020
Net interest income after loan loss provision | $ | 147,987 |  |  | $ | 116,989 |
Noninterest income | 32,638 |  |  | 26,681 |
Noninterest expense | 123,475 |  |  | 108,531 |
Net income | 57,150 |  |  | 35,139 |
Net income per common share | 3.73 |  |  | 2.72 |

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