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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 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 MVBEstimated Fair Value AdjustmentsEstimated Fair Values as Recorded by Summit
Cash consideration$9,807 
Total consideration9,807 
Identifiable assets acquired:
Cash and cash equivalents$946 $— $946 
Loans
Purchased performing
53,440 478 53,918 
    Purchased credit deteriorated488 (91)397 
Premises and equipment3,431 (129)3,302 
Core deposit intangibles— 178 178 
Other assets260 — 260 
Total identifiable assets acquired
$58,565 $436 $59,001 
Identifiable liabilities assumed:
Deposits163,081 959 164,040 
Other liabilities45 — 45 
Total identifiable liabilities assumed
$163,126 $959 $164,085 
Net liabilities assumed$(104,561)$(523)$(105,084)
Net cash received from MVB94,753 
Preliminary goodwill resulting from acquisition$10,331 


WinFirst Financial Corp. Acquisition

On December 15, 2020, SCB acquired 100% of the ownership of WinFirst Financial Corp. ("WinFirst") and its subsidiary WinFirst Bank, headquartered in Winchester, Kentucky. Pursuant to the Agreement and Plan of Merger dated September 28, 2020, WinFirst's shareholders received $328.05 for each share of WinFirst common stock they owned, or approximately $21.7 million in the aggregate. With this transaction, Summit expanded its footprint into Kentucky. At acquisition, WinFirst's assets and liabilities approximated $143 million and $127 million, respectively.

We accounted for the acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations and accordingly, the assets and liabilities of WinFirst were recorded at their respective acquisition date fair values. The fair values of assets and liabilities are preliminary and subject to refinement for up to one year after the acquisition date as additional information relative to the acquisition date fair values becomes available. We recognized goodwill of $6.73 million in connection with the acquisition (not deductible for income tax purposes), which is not amortized for financial reporting purposes, but is subject to annual impairment testing. The core deposit intangible represents the value of long-term deposit relationships acquired in this transaction and will be amortized over an estimated weighted average life of 10 years using an accelerated method which approximates the estimated run-off of the acquired deposits. The following table details the total consideration paid on December 15, 2020 in connection with the acquisition of WinFirst, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.
(Dollars in thousands)As Recorded by WinFirstEstimated Fair Value AdjustmentsEstimated Fair Values as Recorded by Summit
Cash consideration$21,705 
Total consideration21,705 
Identifiable assets acquired:
Cash and cash equivalents$13,030 $— $13,030 
Securities available for sale, at fair value1,613 19 1,632 
Loans
Purchased performing
123,754 (968)122,786 
Purchased credit deteriorated
— — — 
Allowance for credit losses on loans(1,227)1,227 — 
Premises and equipment171 (27)144 
Property held for sale196 (50)146 
Core deposit intangibles— 81 81 
Other assets5,898 477 6,375 
Total identifiable assets acquired
$143,435 $759 $144,194 
Identifiable liabilities assumed:
Deposits103,599 1,065 104,664 
Short-term borrowings3,000 — 3,000 
Long-term borrowings20,585 697 21,282 
Other liabilities270 — 270 
Total identifiable liabilities assumed
$127,454 $1,762 $129,216 
Net identifiable assets acquired$15,981 $(1,003)$14,978 
Goodwill resulting from acquisition$6,727 

MVB Bank Branches Acquisition

On April 24, 2020, SCB expanded its presence in the Eastern Panhandle of West Virginia by acquiring three MVB Bank locations in Berkeley County, West Virginia and one MVB Bank location in Jefferson County, West Virginia. Summit assumed certain deposit liabilities and other liabilities and acquired certain assets totaling approximately $188.2 million and $38.4 million, respectively. The purchase price, equaling the average daily closing balance of the deposits for the thirty (30) day period prior to the closing multiplied by 8.00%, totaled $13.0 million.

This acquisition was determined to constitute a business combination in accordance with ASC 805, Business Combinations,and accordingly we accounted for the acquisition using the acquisition method of accounting, recording the assets and liabilities of MVB Bank at their acquisition date respective fair values. The fair values of assets and liabilities are preliminary and subject to refinement for up to one year after the acquisition date as additional information relative to the acquisition date fair values becomes available. We recognized goodwill of $14.7 million in connection with the acquisition (deductible for income tax purposes), which is not amortized for financial reporting purposes, but is subject to annual impairment testing. The core deposit intangible represents the value of long-term deposit relationships acquired in this transaction and will be amortized over an estimated weighted average life of 10 years using an accelerated method which approximates the estimated run-off of the acquired deposits. The following table details the total consideration paid on April 24, 2020 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 BankEstimated Fair Value AdjustmentsEstimated Fair Values as Recorded by Summit
Cash consideration$12,965 
Total consideration12,965 
Identifiable assets acquired:
Cash and cash equivalents$800 $— $800 
Loans
Purchased performing
35,127 (1,185)33,942 
Premises and equipment2,376 (42)2,334 
Core deposit intangibles— 125 125 
Other assets114 — 114 
Total identifiable assets acquired
$38,417 $(1,102)$37,315 
Identifiable liabilities assumed:
Deposits188,134 598 188,732 
Other liabilities102 — 102 
Total identifiable liabilities assumed
$188,236 $598 $188,834 
Net liabilities assumed$(149,819)$(1,700)$(151,519)
Net cash received from MVB Bank136,854 
Goodwill resulting from acquisition$14,665 


Cornerstone Financial Services Inc. Acquisition

On January 1, 2020, SCB acquired 100% of the ownership of Cornerstone Financial Services Inc. ("Cornerstone") and its subsidiary Cornerstone Bank, headquartered in West Union, West Virginia. With this transaction, Summit further expands its footprint into the central region of West Virginia. Pursuant to the Agreement and Plan of Merger dated September 17, 2019, Cornerstone's shareholders received cash in the amount of $5,700.00 per share or 228 shares of Summit common stock, or a combination of cash and Summit stock, subject to proration to result in approximately 50% cash and 50% stock consideration in the aggregate. Total stock consideration was $15.4 million or 570,000 shares of Summit common stock and cash consideration was $14.3 million. Cornerstone's assets and liabilities approximated $195 million and $176 million, respectively, at December 31, 2019.

We accounted for the acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations and accordingly, the assets and liabilities of Cornerstone were recorded at their acquisition date respective fair values. Determining the fair value of assets and liabilities, particularly related to the loan portfolio, is a complicated process involving significant judgment regarding methods and assumptions used to calculate the estimated fair values. We recognized goodwill of $10.82 million in connection with the acquisition (not deductible for income tax purposes), which is not amortized for financial reporting purposes, but is subject to annual impairment testing or upon a triggering event. The core deposit intangible represents the value of long-term deposit relationships acquired in this transaction and will be amortized over an estimated weighted average life of 10 years using an accelerated method which approximates the estimated run-off of the acquired deposits. The following table details the total consideration paid on January 1, 2020 in connection with the acquisition of Cornerstone, the fair values of the assets acquired and liabilities assumed and the resulting preliminary goodwill.
(Dollars in thousands)As Recorded by CornerstoneEstimated Fair Value AdjustmentsEstimated Fair Values as Recorded by Summit
Cash consideration$14,250 
Stock consideration15,441 
Total consideration29,691 
Identifiable assets acquired:
Cash and cash equivalents$60,284 $— $60,284 
Securities available for sale, at fair value90,075 (47)90,028 
Loans
Purchased performing
37,965 188 38,153 
Purchased credit deteriorated
1,877 (569)1,308 
Allowance for credit losses on loans(312)312 — 
Premises and equipment806 (142)664 
Property held for sale10 — 10 
Core deposit intangibles— 717 717 
Other assets4,324 (74)4,250 
Total identifiable assets acquired
$195,029 $385 $195,414 
Identifiable liabilities assumed:
Deposits173,027 239 173,266 
Other liabilities3,286 (7)3,279 
Total identifiable liabilities assumed
$176,313 $232 $176,545 
Net identifiable assets acquired$18,716 $153 $18,869 
Goodwill resulting from acquisition$10,822 
Schedule of Carrying Amount of Purchased Credit Deteriorated Financing Receivables The carrying amount of these loans at acquisition is as follows:
For the Year Ended
December 31,
Dollars in thousands20212020
Purchase price of PCD loans at acquisition$488 $12,649 
Allowance for credit losses - loans at acquisition91 796 
Non-credit discount at acquisition(2)568 
Par value of PCD loans at acquisition399 11,285