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v3.22.2.2

Business Combinations | 9 Months Ended
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Sep. 30, 2022
Business Combinations |
Business Combinations | NOTE 3 Business Combinations On July 1, 2022, the Company acquired MPB BHC, Inc, the bank holding company for Metro Phoenix Bank located in Phoenix, Arizona, for a total purchase price of $64.0 million in a stock-for-stock transaction. As part of the transaction, $7.6 million was allocated to a customer deposit intangible and $14.7 million to goodwill. The purchase consisted of $270.4 million in loans and $353.7 million in deposits. The purchased assets and assumed liabilities were recorded at their respective acquisition date estimate fair values indicated in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As recorded by |  | Preliminary Fair Value | ​ | As recorded by
(dollars in thousands) |  | Metro Phoenix Bank |  | Adjustments |  | the Company
Assets |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Cash and cash equivalents | ​ | $ | 101,819 | ​ | $ | (45) | ​ | $ | 101,774
Fed funds sold | ​ | ​ | 18,936 | ​ | ​ | — | ​ | ​ | 18,936
Core deposit intangible | ​ | ​ | — | ​ | ​ | 7,592 | ​ | ​ | 7,592
Loans | ​ | ​ | 273,843 | ​ | ​ | (3,440) | ​ | ​ | 270,403
Accrued interest receivable | ​ | ​ | 1,091 | ​ | ​ | — | ​ | ​ | 1,091
Other assets | ​ | ​ | 3,342 | ​ | ​ | 517 | ​ | ​ | 3,859
Total assets | ​ | ​ | 399,031 | ​ | ​ | 4,624 | ​ | ​ | 403,655
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | ​ | 354,529 | ​ | ​ | (844) | ​ | ​ | 353,685
Other liabilities | ​ | ​ | 673 | ​ | ​ | — | ​ | ​ | 673
Total liabilities | ​ | ​ | 355,202 | ​ | ​ | (844) | ​ | ​ | 354,358
Excess assets over liabilities | ​ | $ | 43,829 | ​ | $ | 5,468 | ​ | ​ | 49,297
Stock issued for MPB | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64,019
Total goodwill recorded | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,722
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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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