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BUSINESS COMBINATIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities assumed of SouthCrest as of August 1, 2021, and their fair value estimates. The fair value estimates are subject to refinement for up to one year after the closing date of the acquisition for new information obtained about facts and circumstances that existed at the acquisition date. The Company continues its evaluation of the facts and circumstances available as of August 1, 2021, 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, except market price) | Initial Fair Value Adjustments
Purchase price consideration: |
Shares of CBAN common stock issued to SouthCrest shareholders as of August 1, 2021 | 3,987,815 |
Market price of CBAN common stock on July 30, 2021 | $ | 17.90 |
Estimated fair value of CBAN common stock issued | 71,382 |
Cash consideration paid | 21,620 |
Total consideration | $ | 93,002 |
Assets acquired at fair value: |
Cash and cash equivalents | $ | 59,131 |
Investments securities available for sale | 317,857 |
Restricted investments | 3,196 |
Loans | 307,456 |
Premises and equipment | 8,543 |
Core deposit intangible | 4,025 |
Other real estate | 538 |
Prepaid and other assets | 25,393 |
Total fair value of assets acquired | $ | 726,139 |
Liabilities assumed at fair value: |
Deposits | $ | (631,375) |
FHLB advances | (29,064) |
Payables and other liabilities | (7,735) |
Total fair value of liabilities assumed | $ | (668,174) |
Net assets acquired at fair value: | $ | 57,965 |
Amount of goodwill resulting from acquisition | $ | 35,037 |
Contractually Required Principal and Interest Cash Payments | 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. The Company recorded a subsequent adjustment within the one year period allowed after the acquisition of approximately $4.0 million in 2022.
(dollars in thousands) |
Contractually required principal and interest | $ | 1,154 |
Non-accretable difference | — |
Cash flows expected to be collected | 1,154 |
Accretable yield | — |
Total purchased credit-impaired loans acquired | $ | 1,154 |
The following table presents the acquired loan data for the SouthCrest acquisition.
| Fair value of acquired loans at acquisition date |  | Contractually required principal and interest payments |  | Nonaccretable difference
(dollars in thousands) |  |  |  |  |
Acquired receivables subject to ASC 310-30 | $ | 1,154 |  |  | $ | 1,154 |  |  | $ | — |
Acquired receivables not subject to ASC 310-30 | 306,302 |  |  | 306,937 |  |  | — |

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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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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