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Business Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
(dollars in thousands, except market price) | Initial Fair Value Adjustments |  | Subsequent Adjustments (1) |  | Final Balance
Purchase price consideration: |  |  |  |  |
Shares of CBAN common stock issued to LBC shareholders as of May 1, 2019 | 1,053,875 |  |  | 1,053,875 |  |  | 1,053,875 |
Market price of CBAN common stock on May 1, 2019 | $ | 17.75 |  |  | $ | (0.46) |  |  | $ | 17.29 |
Estimated fair value of CBAN common stock issued | 18,706 |  |  | (485) |  |  | 18,221 |
Cash consideration paid | 15,315 |  |  | — |  |  | 15,315 |
Total consideration | $ | 34,021 |  |  | $ | (485) |  |  | $ | 33,536 |
Assets acquired at fair value: |  |  |  |  |
Cash and cash equivalents | $ | 15,678 |  |  | $ | — |  |  | $ | 15,678 |
Investments securities available for sale | 49,172 |  |  | — |  |  | 49,172 |
Investments securities held to maturity | 1,766 |  |  | — |  |  | 1,766 |
Restricted investments | 479 |  |  | — |  |  | 479 |
Loans | 130,568 |  |  | — |  |  | 130,568 |
Premises and equipment | 3,009 |  |  | — |  |  | 3,009 |
Core deposit intangible | 3,100 |  |  | — |  |  | 3,100 |
Other real estate | 243 |  |  | — |  |  | 243 |
Prepaid and other assets | 6,143 |  |  | — |  |  | 6,143 |
Total fair value of assets acquired | $ | 210,158 |  |  | $ | — |  |  | $ | 210,158 |
Liabilities assumed at fair value: |  |  |  |  |
Deposits | $ | (189,896) |  |  | $ | — |  |  | $ | (189,896) |
FHLB advances | (1,000) |  |  | — |  |  | (1,000) |
Payables and other liabilities | (975) |  |  | — |  |  | (975) |
Total fair value of liabilities assumed | $ | (191,871) |  |  | $ | — |  |  | $ | (191,871) |
Net assets acquired at fair value: | $ | 18,287 |  |  | $ | — |  |  | $ | 18,287 |
Amount of goodwill resulting from acquisition | $ | 15,734 |  |  | $ | (485) |  |  | $ | 15,249 |
(1) Subsequent adjustments were done within the one year period allowed after the acquisition. The Company continues its evaluation of the facts and circumstances available as of May 1, 2019, to assign fair values to assets acquired and liabilities assumed, which could result in further adjustments to the fair values presented below.
(dollars in thousands) |
Purchase price consideration: |
Cash consideration paid | $ | 833 |
Total consideration | $ | 833 |
Assets acquired at fair value: |
Premises and equipment | $ | 78 |
Premium on loan commitments | 209 |
Other assets | 5 |
Total fair value of assets acquired | $ | 292 |
Liabilities assumed at fair value: |
Total fair value of liabilities assumed | $ | — |
Net assets acquired at fair value: | $ | 292 |
Amount of goodwill resulting from acquisition | $ | 541 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments.
(dollars in thousands) |
Contractually required principal and interest | $ | 695 |
Non-accretable difference | (519) |
Cash Flows expected to be collected | 176 |
Accretable yield | — |
Total purchased credit-impaired loans acquired | $ | 176 |
Schedule of Business Acquisitions by Acquisition, Acquired Loan Data | The following table presents the acquired loan data for the LBC acquisition.
(dollars in thousands) | Fair Value of Acquired Loans at Acquisition Date |  | Gross Contractual Amounts Receivable at Acquisition Date |  | Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
Acquired receivables subject to ASC 310-30 | $ | 176 |  |  | $ | 695 |  |  | $ | 519 |
Acquired receivables not subject to ASC 310-30 | 130,392 |  |  | 132,381 |  |  | — |

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- Definition Tabular disclosure of the acquired loan data of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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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=121647850&loc=d3e4845-128472 + Details
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