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Business Combinations (Tables)

9 Months Ended

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 acquisition related expenses incurred at the time of acquisition.

+ References

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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

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