Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table details the total consideration paid on July 10, 2021 in connection with the acquisition of the MVB Bank branches, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.

(Dollars in thousands)	As Recorded by MVB		Estimated Fair Value Adjustments		Estimated Fair Values as Recorded by Summit
Cash consideration					$	9,807
Total consideration					9,807
Identifiable assets acquired:
Cash and cash equivalents	$	946	$	—	$	946
Loans
Purchased performing	53,440		478		53,918
Purchased credit deteriorated	488		(91)		397
Premises and equipment	3,431		(129)		3,302
Core deposit intangibles	—		178		178
Other assets	260		—		260
Total identifiable assets acquired	$	58,565	$	436	$	59,001
Identifiable liabilities assumed:
Deposits	163,081		959		164,040
Other liabilities	45		—		45
Total identifiable liabilities assumed	$	163,126	$	959	$	164,085
Net liabilities assumed	$	(104,561)	$	(523)	$	(105,084)
Net cash received from MVB					94,753
Preliminary goodwill resulting from acquisition					$	10,331