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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations |
Schedule of Acquired Assets and Assumed Liabilities Measured at Estimated Fair Values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | ​ |  | ​ | ​ |  | ​ | ​
Purchase Price Consideration | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNCB Bancorp, Inc. common shares settled for stock | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 20,110,771
Exchange Ratio | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 0.146
Peoples Financial Services Corp. shares issued | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,935,456
Price per share of Peoples Financial Services Corp. common stock on June 28, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 45.54
Purchase price consideration for common stock | ​ | ​ | ​ | ​ | ​ | ​ | $ | 133,681
Cash in lieu of fractional shares | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 32
Total purchase price consideration | ​ | ​ | ​ | ​ | ​ | ​ | $ | 133,713
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | FNCB Bancorp, Inc. Book Value 6/30/2024 | ​ | ​ | Fair Value Adjustments | ​ | ​ | FNCB Bancorp, Inc. Fair Value 6/30/2024
Total purchase price consideration | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | ​ | ​ | $ | ​ | ​ | $ | 133,713
Recognized amounts of identifiable assets acquired and liabilities assumed | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | 28,843 | ​ | ​ | ​ | ​ | ​ | 28,843
Investment securities | ​ | 426,107 | ​ | ​ | (4,180) | ​ | ​ | 421,927
Loans held for investment | ​ | 1,267,330 | ​ | ​ | (71,579) | ​ | ​ | 1,195,751
Allowance for credit losses | ​ | (13,921) | ​ | ​ | 12,353 | ​ | ​ | (1,568)
Loans held for investment, net of allowance | ​ | 1,253,409 | ​ | ​ | (59,226) | ​ | ​ | 1,194,183
Restricted stock | ​ | 9,934 | ​ | ​ | ​ | ​ | ​ | 9,934
Premises and equipment, net | ​ | 13,960 | ​ | ​ | 593 | ​ | ​ | 14,553
Accrued interest receivable | ​ | 7,448 | ​ | ​ | ​ | ​ | ​ | 7,448
Core deposit intangibles | ​ | ​ | ​ | ​ | 36,629 | ​ | ​ | 36,629
Wealth management customer list intangible | ​ | ​ | ​ | ​ | 988 | ​ | ​ | 988
Deferred tax asset | ​ | 14,415 | ​ | ​ | 5,083 | ​ | ​ | 19,498
Operating lease right of use asset | ​ | 2,821 | ​ | ​ | 263 | ​ | ​ | 3,084
Other assets | ​ | 62,728 | ​ | ​ | (3,483) | ​ | ​ | 59,245
Total identifiable assets acquired | ​ | 1,819,665 | ​ | ​ | (23,333) | ​ | ​ | 1,796,332
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | 1,429,406 | ​ | ​ | (2,405) | ​ | ​ | 1,427,001
Borrowings | ​ | 227,135 | ​ | ​ | (851) | ​ | ​ | 226,284
Trust preferred | ​ | 10,310 | ​ | ​ | (2,318) | ​ | ​ | 7,992
Accrued interest payable | ​ | 1,966 | ​ | ​ | ​ | ​ | ​ | 1,966
Operating lease liability | ​ | 3,082 | ​ | ​ | ​ | ​ | ​ | 3,082
Other liabilities | ​ | 9,704 | ​ | ​ | 178 | ​ | ​ | 9,882
Total liabilities assumed | ​ | 1,681,603 | ​ | ​ | (5,396) | ​ | ​ | 1,676,207
Total identifiable net assets | ​ | $ 138,062 | ​ | ​ | ($ 17,937) | ​ | ​ | $ 120,125
Goodwill | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ 13,588
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of costs identified and classified as merger-related expenses of the acquisition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2024 | ​ | September 30, 2024
Severance expenses | ​ | $ | 187 | ​ | $ | 187
System termination and integration fees | ​ | ​ | 8,375 | ​ | ​ | 8,551
Financial advisory fees | ​ | ​ | 582 | ​ | ​ | 1,173
Legal and professional fees | ​ | ​ | 87 | ​ | ​ | 772
Other merger related expenses | ​ | ​ | 422 | ​ | ​ | 527
Total | ​ | $ | 9,653 | ​ | $ | 11,210
​

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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