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Business Combinations | 12 Months Ended
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Dec. 31, 2020
Business Combinations |
Business Combinations | NOTE 3 Business Combinations On December 18, 2020, the Company acquired Retirement Planning Services, Inc, or RPS, located in Littleton, Colorado for a total purchase price of $13.4 million, which included cash consideration of $9.8 million and an earn out liability of $3.6 million. As part of the transaction, $11.5 million was allocated to an identified customer intangible and $2.9 million to goodwill. The purchase consisted of approximately 1,000 retirement and health benefit administration plans, with more than 48,000 plan participants, 300 COBRA clients, and 10,000 COBRA members and $1.3 billion in assets under administration/management. The purchased assets and assumed liabilities were recorded at their respective acquisition date estimate fair values indicated in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As recorded by | ​ | Fair Value | ​ | As recorded by
(dollars in thousands) |  | RPS |  | Adjustments |  | the Company
Assets |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Cash and cash equivalents | ​ | $ | 513 | ​ | $ | — | ​ | $ | 513
Land premises and equipment, net | ​ | ​ | 16 | ​ | ​ | (16) | ​ | ​ | —
Other intangible assets | ​ | ​ | 99 | ​ | ​ | 11,390 | ​ | ​ | 11,489
Other assets | ​ | ​ | 304 | ​ | ​ | (38) | ​ | ​ | 266
Total assets | ​ | ​ | 932 | ​ | ​ | 11,336 | ​ | ​ | 12,268
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ | ​ | 1,418 | ​ | ​ | 3,930 | ​ | ​ | 5,348
Total liabilities | ​ | ​ | 1,418 | ​ | ​ | 3,930 | ​ | ​ | 5,348
Excess assets over liabilities | ​ | $ | (486) | ​ | $ | 7,406 | ​ | ​ | 6,920
Cash paid for RPS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9,792
Total goodwill recorded | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,872
​

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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