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Business Combinations (Tables)
 12 Months Ended
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 securities226 
Restricted stock2,209 
Loans837,505 
Goodwill51,031 
Core deposit intangible3,391 
Customer list intangible2,160 
Bank owned life insurance32,120 
Premises and equipment12,524 
Deferred income taxes7,116 
Accrued interest receivable1,919 
Other assets6,641 
Total assets acquired1,272,921 
Liabilities assumed:
Deposits:
Noninterest-bearing demand182,291 
Interest-bearing demand371,283 
Money Market152,365 
Savings176,294 
Time199,414 
Long-term debt6,500 
Subordinated debt and trust preferred securities36,308 
Accrued interest payable439 
Other liabilities5,043 
Total liabilities assumed1,129,937 
Consideration paid$142,984 
Cash paid$792 
Fair value of common stock issued142,192 
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 equivalents316,079 
Investment securities226 
Restricted stock2,209 
Loans837,505 
Core deposit intangible3,391 
Customer list intangible2,160 
Bank owned life insurance32,120 
Premises and equipment12,524 
Deferred income taxes7,116 
Accrued interest receivable1,919 
Other assets6,641 
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 acquired91,953 
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 adjustment529 
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 acquisition3,852
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)20212020
Net interest income after loan loss provision$147,987 $116,989 
Noninterest income32,638 26,681 
Noninterest expense123,475 108,531 
Net income57,150 35,139 
Net income per common share3.73 2.72