MERGERS AND ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Estimated Acquisition-Date Fair Values of the Assets Acquired and Liabilities Assumed

Estimated acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were as follows (dollars in thousands):

	April 1, 2024
Assets acquired
Cash and cash equivalents	$	33,577
Securities	8,086
Portfolio loans, net of ACL	417,230
Premises and equipment	2,045
Right of use assets	253
Other intangible assets	6,346
Other assets	10,283
Total assets acquired	477,820
Liabilities assumed
Deposits	392,838
Short-term borrowings	35,932
Long-term debt	1,450
Subordinated notes, net of unamortized issuance costs	3,911
Junior subordinated debt owed to unconsolidated trusts	2,594
Lease liabilities	253
Other liabilities	7,089
Total liabilities assumed	444,067
Net assets acquired	$	33,753
Consideration paid
Cash	$	15,200
Common stock	34,375
Total consideration paid	$	49,575
Goodwill	$	15,822

Schedule of Business Acquisitions, by Acquisition

The following table provides a reconciliation between the purchase price and the fair value of these loans (dollars in thousands):

	As of April 1, 2024
PCD Financial Assets
Gross contractual receivable for PCD financial assets	$	29,290
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets	(1,243)
Interest premium (discount) specific to PCD financial assets	(1,773)
Fair value of PCD financial assets	$	26,274

Schedule of Pro Forma Information

Only the merger related expenses that have been recognized are included in net income in the table below (dollars in thousands):

	Years Ended December 31,
	2024		2023
Revenue (net interest income plus noninterest income)	$	468,401	$	466,973
Net income	115,530		130,483
Diluted earnings per common share	2.00		2.26