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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 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) | ​ | $ | 45,764
(1) | Includes the effect of measurement period adjustments recorded in the first quarter of 2022 and reconciled in the table below.
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 | ​ | ​ | 52
Goodwill at September 30, 2022 | ​ | $ | 45,764
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 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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