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Business Combination (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combination [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ​
​ | ​ | ​ | ​
(In thousands, except per share data) | ​ | ​ | ​
Purchase Price Consideration: | ​ | ​ | ​
Fair value of common shares issued (8,053,088 shares) based on Shore Bancshares, Inc. share price of $18.48 | ​ | $ | 148,821
Cash consideration | ​ | ​ | 20,631
Cash paid for cash-out Severn stock options | ​ | ​ | 310
Cash for fractional shares | ​ | ​ | 3
Total purchase price | ​ | $ | 169,765
​ | ​ | ​ | ​
Identifiable assets: | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 326,725
Total securities | ​ | ​ | 146,292
Loans held for sale | ​ | ​ | 9,613
Loans, net (1) | ​ | ​ | 584,776
Premises and equipment, net | ​ | ​ | 24,768
Other real estate owned | ​ | ​ | 329
Core deposit intangible asset | ​ | ​ | 6,550
Other assets (1) | ​ | ​ | 20,304
Total identifiable assets | ​ | $ | 1,119,357
​ | ​ | ​ | ​
Identifiable liabilities: | ​ | ​ | ​
Deposits | ​ | $ | 955,288
Total debt | ​ | ​ | 28,341
Other liabilities | ​ | ​ | 11,727
Total identifiable liabilities | ​ | $ | 995,356
Provisional fair value of net assets acquired including identifiable intangible assets | ​ | ​ | 124,001
Provisional resulting goodwill (1) | ​ | $ | 45,763
Schedule of Changes in Fair Value of Assets Acquired and Liabilities Assumed | The following table details the changes in fair value of net assets acquired and liabilities assumed from the amounts reported for the year ended December 31, 2021 (dollars in thousands).
​ | ​ | ​ | ​
Goodwill at December 31, 2021 | ​ | $ | 45,904
Effect of adjustments to: | ​ | ​ | ​
Loans, net | ​ | ​ | (192)
Other assets | ​ | ​ | 51
Goodwill at March 31, 2022 | ​ | $ | 45,763
Schedule of Contractually Required Payments Receivable | ​
​ | ​ | ​ | ​
Contractually required payments receivable | ​ | $ | 46,833
Nonaccretable difference | ​ | ​ | (3,364)
Cash flows expected to be collected | ​ | ​ | 43,469
Accretable yield | ​ | ​ | (5,667)
Fair value | ​ | $ | 37,802

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- Definition Tabular disclosure of changes in fair value of net assets acquired and liabilities assumed in business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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