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Note 22 - Business Combination (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table presents the consideration paid, the fair value of the identifiable assets acquired and liabilities assumed, and the resulting goodwill.

 

June 1, 2024

 

As Recorded by FCB

 

 

Estimated Fair Value Adjustments

 

 

Estimated Fair Values as Recorded by NBI

 

Purchase Price Consideration:

 

 

 

 

 

 

 

 

 

Stock consideration(1)

 

 

 

 

 

 

 

$

14,299

 

Cash consideration (2)

 

 

 

 

 

 

 

 

2,050

 

Total purchase price consideration

 

 

 

 

 

 

 

$

16,349

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,993

 

 

$

(59

)

 

$

8,934

 

Securities

 

 

9,325

 

 

 

(5

)

 

 

9,320

 

Loans, gross, purchased performing

 

 

115,589

 

 

 

(7,720

)

 

 

107,869

 

Loans, gross, purchased credit deteriorated

 

 

11,157

 

 

 

(822

)

 

 

10,335

 

Loans in process

 

 

539

 

 

 

–

 

 

 

539

 

Deferred fees and costs on loans

 

 

34

 

 

 

(34

)

 

 

–

 

Allowance for credit losses on loans

 

 

(881

)

 

 

881

 

 

 

–

 

Premises and equipment

 

 

3,003

 

 

 

449

 

 

 

3,452

 

Core deposit intangible

 

 

–

 

 

 

2,100

 

 

 

2,100

 

Other assets

 

 

4,998

 

 

 

966

 

 

 

5,964

 

Total identifiable assets acquired

 

$

152,757

 

 

$

(4,244

)

 

$

148,513

 

 

 

 

 

 

 

 

 

 

 

Identifiable Liabilities

 

 

 

 

 

 

 

 

 

Deposits

 

$

130,323

 

 

$

(606

)

 

$

129,717

 

Borrowings

 

 

5,250

 

 

 

(20

)

 

 

5,230

 

Other liabilities

 

 

1,960

 

 

 

131

 

 

 

2,091

 

Total identifiable liabilities assumed

 

$

137,533

 

 

$

(495

)

 

$

137,038

 

 

 

 

 

 

 

 

 

 

 

Provisional fair value of net assets acquired

 

 

 

 

 

 

 

$

11,475

 

 

 

 

 

 

 

 

 

 

 

Provisional goodwill

 

 

 

 

 

 

 

$

4,874

 

 

(1)
The Company issued 464,855 shares of its common stock valued at $30.76 per share, which was the closing price of the Company’s common stock on May 31, 2024, the last day of trading prior to the consummation of the acquisition.
(2)
Cash consideration was paid for shareholder elections, fractional shares and to settle outstanding vested stock options. The merger agreement provided for up to 10% of consideration to be paid in cash of $14.48 per FCB common share, at the shareholders’ election. Payments for shareholder elections and fractional shares totaled $1,769. Outstanding and vested options were settled at the difference between $14.48 and the strike price and totaled $281.

The following table provides information on PCD and non-PCD loans as of the acquisition date:

 

June 1, 2024

 

PCD Loans

 

 

Non-PCD Loans

 

Number of loans

 

 

46

 

 

 

498

 

FCB recorded value

 

$

11,157

 

 

$

115,589

 

Discount for credit risk

 

 

(295

)

 

 

(498

)

Discount for non-credit factors

 

 

(527

)

 

 

(7,222

)

Fair value

 

$

10,335

 

 

$

107,869