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Acquisitions | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Acquisitions | NOTE 3 – ACQUISITIONS First American International Corp. Acquisition: On October 15, 2018, the Company acquired all the assets and assumed all the liabilities of First American International Corp. in exchange for cash of $34.8 million and 3,011,762 shares of RBB common stocks, which was valued at $69.6 million in the aggregate on the date of acquisition. FAIC operated nine branches in the New York City metropolitan area. The Company acquired FAIC to strategically establish a presence in the New York area. Goodwill in the amount of $28.4 million was recognized in this acquisition. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies expected to be derived from the combination of the two entities. Goodwill is not deductible for income tax purposes. The following table represents the assets acquired and liabilities assumed of FAIC as of October 15, 2018 and the fair value adjustments and amounts recorded by the Company in 2018 under the acquisition method of accounting:
|  | FAIC |  |  | Fair Value |  |  | Fair |
(dollars in thousands) |  | Book Value |  |  | Adjustments |  |  | Value |
Assets acquired |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 55,891 |  |  | $ | — |  |  | $ | 55,891 |
Fed funds sold |  |  | 218 |  |  |  | — |  |  |  | 218 |
Interest-bearing deposits in other financial Institutions |  |  | 3,801 |  |  |  | — |  |  |  | 3,801 |
Investments - held to maturity |  |  | 30,814 |  |  |  | (611 | ) |  |  | 30,203 |
Investments - available for sale |  |  | 14,388 |  |  |  | — |  |  |  | 14,388 |
Mortgage loans held for sale |  |  | 1,915 |  |  |  | — |  |  |  | 1,915 |
Loans, gross |  |  | 721,732 |  |  |  | (6,161 | ) |  |  | 715,571 |
Allowance for loan losses |  |  | (9,583 | ) |  |  | 9,583 |  |  |  | — |
Bank premises and equipment |  |  | 5,785 |  |  |  | 3,439 |  |  |  | 9,224 |
Mortgage servicing rights |  |  | 11,274 |  |  |  | (660 | ) |  |  | 10,614 |
Core deposit premium |  |  | — |  |  |  | 6,738 |  |  |  | 6,738 |
Other assets |  |  | 3,518 |  |  |  | (2,119 | ) |  |  | 1,399 |
Total assets acquired |  | $ | 839,753 |  |  | $ | 10,209 |  |  | $ | 849,962 |
Liabilities assumed |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 629,609 |  |  | $ | 94 |  |  | $ | 629,703 |
FHLB advances |  |  | 124,500 |  |  |  | — |  |  |  | 124,500 |
Subordinated debentures |  |  | 7,217 |  |  |  | (1,241 | ) |  |  | 5,976 |
Other liabilities |  |  | 14,940 |  |  |  | (1,153 | ) |  |  | 13,787 |
Total liabilities assumed |  |  | 776,266 |  |  |  | (2,300 | ) |  |  | 773,966 |
Excess of assets acquired over liabilities assumed |  |  | 63,487 |  |  |  | 12,509 |  |  |  | 75,996 |
|  | $ | 839,753 |  |  | $ | 10,209 |  |  |  |  |
Stock consideration |  |  |  |  |  |  |  |  |  |  | 69,602 |
Cash paid |  |  |  |  |  |  |  |  |  |  | 34,837 |
Goodwill recognized |  |  |  |  |  |  |  |  |  | $ | 28,443 |
PGB Holdings Inc. and Pacific Global Bank Acquisition: On January 10, 2020, we acquired PGB Holdings Inc. and its wholly-owned subsidiary, Pacific Global Bank (“PGB”), in an all-cash transaction for $32.9 million. At the time of acquisition, PGB had approximately $217.6 million in total assets, $192.3 million in total deposits, and three branches in Chicago, Illinois.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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