XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combinations And Discontinued Operations And Disposal Groups [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the estimated fair value of acquired assets, identified intangible assets, and liabilities assumed as of October 15, 2021. Following the table is a discussion of valuation approaches utilized in estimated the fair values in accordance with ASC 850-10. The $132.4 million in goodwill that resulted from this transaction is non-deductible for tax purposes.
($ in thousands)Fair Value Estimate
Assets acquired:
Cash and cash equivalents
$210,422 
Securities available for sale226,228 
Loans held for sale51,779 
Loans1,230,107 
Premises and equipment
21,509 
Core deposit intangible
9,170 
Operating right-of-use lease assets4,649 
Other assets61,020 
Total
1,814,884 
Liabilities assumed:
Deposits
1,593,135 
Borrowings
11,038 
Other liabilities17,248 
Total
1,621,421 
Net identifiable assets acquired
193,463 
Less: Total consideration325,819 
Goodwill recorded related to acquisition of Select$132,356 
Acquired Loan Portfolio at Acquisition Date The following table presents additional information related to the acquired loan portfolio at the acquisition date:
($ in thousands)October 15, 2021
PCD Loans:
Par value$111,835 
Allowance for credit losses(4,895)
Non-credit discount(1,251)
Purchase price$105,689 
Non-PCD Loans:
Fair Value$1,124,418 
Gross contractual amounts receivable1,134,879 
Estimate of contractual cash flows not expected to be collected13,257 
Pro Forma Combined Financial Results The following table also discloses the impact of the acquisition of Select from the acquisition date of October 15, 2021 through December 31, 2021. These amounts are included in the Company’s consolidated financial statements as of and for the year ended December 31, 2021. Merger-related costs have been excluded from these amounts and the provisions for credit loss amounts associated with non-PCD loans and unfunded commitments that were discussed above have also been excluded.
($ in thousands, unaudited)RevenueNet Income
Year Ended December 31, 2021
Actual Select results included in statement of income since acquisition date$15,175 $8,813 
Supplemental consolidated pro forma as if Select had been acquired on January 1, 2020380,241 143,882 
Year Ended December 31, 2020
Supplemental consolidated pro forma as if Select had been acquired on January 1, 2020$362,654 $93,980