Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations And Discontinued Operations And Disposal Groups [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Following the table is a discussion of valuation approaches utilized in estimating the fair values. The $114.5 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	$	22,610
Securities available for sale	112,363
Loans, gross	996,833
Allowance for credit losses	(5,610)
Premises and equipment	20,268
Core deposit intangible	28,840
Operating right-of-use assets	732
Other assets	27,163
Total	1,203,199
Liabilities assumed:
Deposits	1,045,308
Borrowings	38,800
Other liabilities	4,089
Total	1,088,197
Net identifiable assets acquired	115,002
Less: Total consideration	229,489
Goodwill recorded related to acquisition of GrandSouth	$	114,487

Acquired Loan Portfolio at Acquisition Date

The following table presents additional information related to the acquired loan portfolio at the acquisition date:

($ in thousands)	January 1, 2023
PCD Loans:
Par value	$	152,487
Allowance for credit losses	(5,610)
Non-credit discount	(1,370)
Purchase price	145,507
Non-PCD Loans:
Fair Value	845,716
Gross contractual amounts receivable	865,132
Estimate of contractual cash flows not expected to be collected	22,542

Pro Forma Combined Financial Results

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)	Revenue		Net Income
Year Ended December 31, 2023
Actual GrandSouth results included in statement of income since acquisition date	$	58,301	$	22,058
Year Ended December 31, 2022
Supplemental consolidated pro forma as if GrandSouth had been acquired on January 1, 2022	454,579		161,826