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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions | In particular, adjustments that would have been necessary to be made to record the loans at fair value, the provision of credit losses or the core deposit intangible would not be practical to estimate.
(Dollars in thousands) |  | (As Restated) |  | (As Restated)
Purchase Price Consideration: |  |  |  |
Shore Bancshares, Inc. common stock paid at closing price of $11.56 as of June 30, 2023 |  |  |  | $ | 152,612 |
Effective settlement of pre-existing debt (1) |  |  |  | 500 |
Cash consideration (cash in lieu for fractional shares) |  |  |  | 5 |
Fair value of converted restricted stock units (2) |  |  |  | 475 |
Total purchase price |  |  |  | $ | 153,592 |
Identifiable assets: |  |  |  |
Cash and cash equivalents |  | $ | 25,377 |  |  |
Total securities |  | 454,468 |  |  |
Loans, net |  | 1,765,255 |  |  |
Premises and equipment, net |  | 29,277 |  |  |
Core deposit intangible, net |  | 48,648 |  |  |
Other assets |  | 89,808 |  |  |
Total identifiable assets |  | $ | 2,412,833 |  |  |
Identifiable Liabilities |  |  |  |
Deposits |  | $ | 2,131,141 |  |  |
Total debt |  | 97,545 |  |  |
Other liabilities |  | 21,739 |  |  |
Total identifiable liabilities |  | $ | 2,250,425 |  |  |
Provisional fair value of net assets acquired |  |  |  | $ | 162,408 |
Provisional bargain purchase gain |  |  |  | $ | (8,816) |
____________________________________ (1)SHBI held $500,000 in subordinated debt of TCFC. The debt was effectively settled. (2)Represents the number of TCFC restricted stock units outstanding and the equity exchange ratio, further multiplied by the price per share of SHBI common stock of $11.56 and the estimated ratio of the completed service period relative to the total service period of the underlying awards.

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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