Note 3 - Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

(Dollars in thousands)	As Recorded by Provident			Estimated Fair Value Adjustments			Estimated Fair Values as Recorded by Summit
Cash consideration							$	595
Stock consideration								39,025
Total consideration								39,620
Identifiable assets acquired:
Cash and cash equivalents	$	14,959		$	—		$	14,959
Securities available for sale, at fair value		122,734			—			122,734
Securities held to maturity		20,466			(2,275	)		18,191
Loans
Purchased performing		363,446			(17,418	)		346,028
Purchased credit deteriorated		18,473			(1,495	)		16,978
Allowance for credit losses on loans		(3,341	)		3,341			—
Premises and equipment		6,600			(425	)		6,175
Core deposit intangibles		—			14,928			14,928
Other assets		24,981			(3,799	)		21,182
Total identifiable assets acquired	$	568,318		$	(7,143	)	$	561,175
Identifiable liabilities assumed:
Deposits		497,802			(249	)		497,553
Short-term borrowings		17,650			—			17,650
Long-term borrowings		5,209			(66	)		5,143
Other liabilities		7,284			(5,388	)		1,896
Total identifiable liabilities assumed	$	527,945		$	(5,703	)	$	522,242
Net identifiable assets acquired	$	40,373		$	(1,440	)	$	38,933
Preliminary goodwill resulting from acquisition							$	687

(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

Financing Receivable, Purchased with Credit Deterioration [Table Text Block]

	For the Year Ended December 31,
Dollars in thousands	2023		2021
Purchase price of PCD loans at acquisition	$	18,473	$	488
Allowance for credit losses - loans at acquisition		1,495		91
Non-credit discount at acquisition		729		(2	)
Par value of PCD loans at acquisition		16,249		399