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Business Combinations

12 Months Ended

Dec. 31, 2021

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:

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​	​	​	​	​	​	​	​	​	​
​	​	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

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- References

No definition available.

+ Details

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