XML 25 R10.htm IDEA: XBRL DOCUMENT
v3.22.4

Business Combinations | 12 Months Ended
--- | ---
Dec. 31, 2022
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
​ 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. The primary reasons for the acquisition were to expand the Company’s operations in the Phoenix MSA and grow the size of the Company’s business. As part of the transaction, $7.6 million was allocated to a customer deposit intangible and $15.1 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 | ​ | $ | (123) | ​ | $ | 101,696
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 | ​ | ​ | 188 | ​ | ​ | 3,530
Total assets | ​ | ​ | 399,031 | ​ | ​ | 4,217 | ​ | ​ | 403,248
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | ​ | 354,529 | ​ | ​ | (844) | ​ | ​ | 353,685
Other liabilities | ​ | ​ | 673 | ​ | ​ | — | ​ | ​ | 673
Total liabilities | ​ | ​ | 355,202 | ​ | ​ | (844) | ​ | ​ | 354,358
Excess assets over liabilities | ​ | $ | 43,829 | ​ | $ | 5,061 | ​ | ​ | 48,890
Stock issued for MPB | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 64,019
Total goodwill recorded | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 15,129
​

X
- 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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration