Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition and the resulting goodwill recorded:

(dollars in thousands)
Consideration paid:
Cash paid at closing	$	750
Contingent payment liability (present value)	706
Value of consideration	$	1,456
Assets acquired:
Cash and due from banks	370
Intangible assets - customer relationships	779
Premises and equipment	1
Other assets	316
Total assets	1,466
Liabilities assumed:
Accounts payable	657
Other liabilities	30
Total liabilities	$	687
Net assets acquired	$	779
Goodwill resulting from acquisition of Domenick	$	677

In connection with the RBPI Merger, the consideration paid and the estimated fair value of identifiable assets acquired and liabilities assumed as of the Effective Date, which include the effects of any measurement period adjustments in accordance with ASC 805-10, are summarized in the following table:

(dollars in thousands)
Consideration paid:
Common shares issued (3,101,316)	$	136,768
Cash in lieu of fractional shares	7
Cash-out of certain options	112
Fair value of warrants assumed	1,853
Value of consideration	$	138,740
Assets acquired:
Cash and due from banks	17,092
Investment securities available for sale	121,587
Loans	566,228
Premises and equipment	8,264
Deferred income taxes	34,823
Bank-owned life insurance	16,550
Core deposit intangible	4,670
Favorable lease asset	566
Other assets	13,611
Total assets	$	783,391
Liabilities assumed:
Deposits	593,172
FHLB and other long-term borrowings	59,568
Short-term borrowings	15,000
Junior subordinated debentures	21,416
Unfavorable lease liability	322
Other liabilities	31,381
Total liabilities	$	720,859
Net assets acquired	$	62,532
Goodwill resulting from acquisition of RBPI	$	76,208

Business Combination Integration Related Costs

The following table details the costs identified and classified as due diligence, merger-related and merger integration costs for the periods indicated:

	Year Ended December 31,
(dollars in thousands)	2020		2019		2018
Advertising	$	—	$	—	$	61
Employee Benefits	—		—		271
Occupancy and bank premises	—		—		2,145
Furniture, fixtures, and equipment	—		—		365
Data processing	—		—		421
Professional fees	—		—		1,450
Salaries and wages	—		—		852
Other	—		—		2,196
Total due diligence, merger-related and merger integration expenses	$	—	$	—	$	7,761