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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
Summary of the Final Estimated Fair Value of the Assets Acquired and Liabilities and Equity Assumed | Estimated fair values of the assets acquired and liabilities assumed in the Brunswick Acquisition as of the closing date are as follows:
(In thousands) |
Assets acquired: |
Cash and cash equivalents | $ | 21,029 |
Federal funds sold | 7,604 |
Investment securities | 1,825 |
Loans | 324,471 |
Goodwill | 15,521 |
Core deposit intangible | 999 |
Premises and equipment | 5,315 |
Cash surrender value of life insurance | 3,361 |
Deferred income taxes | 6,792 |
Accrued interest receivable | 1,171 |
Other assets | 3,860 |
Total assets acquired | 391,948 |
Liabilities assumed: |
Deposits: |
Noninterest-bearing demand | 62,123 |
Interest-bearing demand | 11,767 |
Money Market | 47,362 |
Savings | 14,203 |
Time | 147,164 |
Long-term debt | 60,137 |
Accrued interest payable | 1,911 |
Other liabilities | 1,621 |
Total liabilities assumed | 346,288 |
Consideration paid | $ | 45,660 |
Cash paid | $ | 27,565 |
Fair value of common stock issued | 18,095 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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