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Acquisition | 12 Months Ended
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Dec. 31, 2021
Acquisition |
Acquisition | 2. Acquisition On October 26, 2020, the Bank entered into a branch purchase and assumption agreement with ConnectOne Bank, the wholly-owned subsidiary of ConnectOne Bancorp, Inc., to acquire two branches located in Orange County, New York, as well as certain deposits and other assets and liabilities. The transaction closed on March 12, 2021 with the transfer of $33,863 of deposits. Management concluded that the acquisition represented a business combination, which is accounted for using the acquisition method, with the results of operations included in the Company’s consolidated financial statements as of the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the March 12, 2021 transaction with ConnectOne, and reflects all adjustments made to the fair value of the opening balance sheet through December 31, 2021: ​
​ | ​ | ​ | ​
​ | ​ | March 12,
Fair value of consideration transferred, assets acquired and liabilities assumed | ​ | 2021
Total cash received on acquisition | ​ | $ | 32,767
​ | ​ | ​ | ​
Assets acquired | ​ | ​ | ​
Fixed assets | ​ | ​ | 113
Reimbursed expenses | ​ | ​ | 9
Core deposit intangible(1) | ​ | ​ | 330
Total assets acquired | ​ | ​ | 452
​ | ​ | ​ | ​
Liabilities assumed | ​ | ​ | ​
Deposits | ​ | ​ | 33,863
Mark-to-market adjustment | ​ | ​ | 181
Total liabilities assumed | ​ | ​ | 34,044
Net liabilities acquired | ​ | ​ | (33,592)
Goodwill recognized | ​ | $ | 825
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| (1) | The core deposit intangible was determined to have an estimated life of approximately 13 years.
The Company incurred $71 in expenses related to the acquisition during the year ended December 31, 2021. Acquisition expenses, including professional fees, are included in the other non-interest expense line item in the condensed consolidated statement of income.

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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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