Business Combinations and Divestitures (Tables)

9 Months Ended

Sep. 30, 2020

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:

(Dollars in thousands)
Assets acquired:
Factored receivables	$107,524
Allowance for credit losses	(37,415)
Factored receivables, net of ACL	70,109
Intangible assets	3,500
Indemnification asset	31,218
Deferred income taxes	1,387
	106,214
Liabilities assumed:
Deposits	5,613
	5,613
Fair value of net assets acquired	$100,601
Consideration:
Cash paid	$108,375
Stock consideration	13,942
Cash due from seller subsequent to liquidation of stock consideration	(17,196)
Total consideration	$105,121
Goodwill	$4,520

Summary of Factored Receivables, Purchased with Credit Deterioration

The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination:

(Dollars in thousands)
Purchase price of loans at acquisition	$25,148
Allowance for credit losses at acquisition	37,415
Non-credit discount/(premium) at acquisition	941
Par value of acquired loans at acquisition	$63,504

Triumph Premium Finance

Business Acquisition [Line Items]

Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale

A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows:

(Dollars in thousands)
Carrying amount of assets in the disposal group:
Loans	$	84,504
Premises and equipment, net	45
Other assets	11
	84,560
Carrying amount of liabilities in the disposal group:
Other liabilities	479
Total carrying amount	$	84,081
Total consideration received	94,531
Gain on sale of division	10,450
Transaction costs	692
Gain on sale of division, net of transaction costs	$	9,758