Note 3 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

(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
Goodwill resulting from acquisition							$	10,331

(Dollars in thousands)	As Recorded by WinFirst			Estimated Fair Value Adjustments			Estimated Fair Values as Recorded by Summit
Cash consideration							$	21,705
Total consideration								21,705
Identifiable assets acquired:
Cash and cash equivalents	$	13,030		$	—		$	13,030
Securities available for sale, at fair value		1,613			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 equipment		171			(27	)		144
Property held for sale		196			(50	)		146
Core deposit intangibles		—			81			81
Other assets		5,898			477			6,375
Total identifiable assets acquired	$	143,435		$	759		$	144,194
Identifiable liabilities assumed:
Deposits		103,599			1,065			104,664
Short-term borrowings		3,000			—			3,000
Long-term borrowings		20,585			697			21,282
Other liabilities		270			—			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

(Dollars in thousands)	As Recorded by MVB Bank			Estimated Fair Value Adjustments			Estimated Fair Values as Recorded by Summit
Cash consideration							$	12,965
Total consideration								12,965
Identifiable assets acquired:
Cash and cash equivalents	$	800		$	—		$	800
Loans
Purchased performing		35,127			(1,185	)		33,942
Premises and equipment		2,376			(42	)		2,334
Core deposit intangibles		—			125			125
Other assets		114			—			114
Total identifiable assets acquired	$	38,417		$	(1,102	)	$	37,315
Identifiable liabilities assumed:
Deposits		188,134			598			188,732
Other liabilities		102			—			102
Total identifiable liabilities assumed	$	188,236		$	598		$	188,834
Net liabilities assumed	$	(149,819	)	$	(1,700	)	$	(151,519	)
Net cash received from MVB Bank								136,854
Goodwill resulting from acquisition							$	14,665

(Dollars in thousands)	As Recorded by Cornerstone			Estimated Fair Value Adjustments			Estimated Fair Values as Recorded by Summit
Cash consideration							$	14,250
Stock consideration								15,441
Total consideration								29,691
Identifiable assets acquired:
Cash and cash equivalents	$	60,284		$	—		$	60,284
Securities available for sale, at fair value		90,075			(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 equipment		806			(142	)		664
Property held for sale		10			—			10
Core deposit intangibles		—			717			717
Other assets		4,324			(74	)		4,250
Total identifiable assets acquired	$	195,029		$	385		$	195,414
Identifiable liabilities assumed:
Deposits		173,027			239			173,266
Other liabilities		3,286			(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 [Table Text Block]

	For the Year Ended December 31,
Dollars in thousands	2021			2020
Purchase price of PCD loans at acquisition	$	488		$	12,649
Allowance for credit losses - loans at acquisition		91			796
Non-credit discount at acquisition		(2	)		568
Par value of PCD loans at acquisition		399			11,285