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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
First American International Corp. |
Schedule of Assets Acquired and Liabilities Assumed and Fair Value Adjustments | 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 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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