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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Victory (in thousands):

			July 1, 2020
			Fair Value
Total Purchase Price			$	41,173
Assets acquired:
Cash and cash equivalents			$	72,875
Debt securities available for sale			126,931
Loans			180,431
Accrued interest receivable			1,415
Bank-owned life insurance			5,714
Premises and equipment			7,789
Other assets			5,010
Total assets acquired			400,165
Liabilities assumed:
Deposits			354,592
Other liabilities			7,001
Total liabilities assumed			361,593
Net assets acquired			$	38,572
Goodwill recorded in the merger			$	2,601

Schedule of Credit Impaired Loans Acquired in Acquisition

The following is a summary of the credit impaired loans acquired in the Victory acquisition as of the closing date (in thousands):

			July 1, 2020
Contractually required principal and interest			$	7,809
Contractual cash flows not expected to be collected (non-accretable discount)			3,315
Expected cash flows to be collected at acquisition			4,494
Interest component of expected cash flows (accretable yield)			(599)
Fair value of acquired loans			$	3,895

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- References

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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

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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