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BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2022
BUSINESS COMBINATIONS |
BUSINESS COMBINATIONS | 3. BUSINESS COMBINATION On July 1, 2020, the Corporation completed its acquisition of Covenant Financial, Inc. (“Covenant”), which operated banking offices in Bucks and Chester Counties of Pennsylvania. In connection with the transaction, the Corporation recorded goodwill of $24.1 million and a core deposit intangible asset of $3.1 million. Total loans acquired on July 1, 2020 were valued at $464.2 million, while total deposits assumed were valued at $481.8 million, borrowings were valued at $64.0 million and subordinated debt was valued at $10.1 million. The Corporation acquired available-for-sale debt securities valued at $10.8 million and bank-owned life insurance valued at $11.2 million. The assets purchased and liabilities assumed in the merger were recorded at their estimated fair values at the time of closing, subject to refinement for up to one year after the closing date. There were no adjustments to the fair value measurements of assets acquired or liabilities assumed subsequent to December 31, 2020. Merger-related expenses related to the acquisition of Covenant totaled $7,708,000 in 2020. There were no merger-related expenses in 2021 and 2022.

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