Virginia Partners Transaction (Tables) - Virginia Partners Bank

12 Months Ended

Dec. 31, 2019

Business Acquisition [Line Items]

Summary of consideration paid and the fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition

	Estimated Fair
	Value as of
Dollars in Thousands	November 15, 2019
Consideration paid:
Cash	$	2
Common stock issued in acquisition		52,282
Stock options issued in acquisition (replacement awards)		350
Total consideration paid		52,634
Assets acquired:
Cash and cash equivalents		6,743
Investment securities		65,373
Investments in correspondent bank stock		3,670
Loans		357,127
Premises and equipment		6,969
Accrued interest receivable		1,155
Core deposit intangible		2,650
Deferred tax asset		1,239
Other assets		9,242
Total assets acquired	$	454,168
Liabilities assumed:
Deposits	$	348,552
Other liabilities		56,408
Total liabilities assumed	$	404,960
Net assets acquired	$	49,208
Noncontrolling interest in consolidated subsidiaries		728
Goodwill recorded in acquisition		4,154

Summary of fair value adjustments made to the amortized cost basis to present a fair value of the loans acquired

Dollars in Thousands	At November 15, 2019
Gross principal balance	$	362,916
Fair value adjustment on pools of non-credit impaired loans		(4,990)
Fair value adjustment on purchased credit impaired loans		(799)
Fair value of acquired loans	$	357,127

Summary of portion of the loan balances that have been deemed uncollectible based on the Company’s expectations of future cash flows for each respective loan

Dollars in Thousands	At November 15, 2019
Contractually required principal and interest at acquisition	$	6,713
Contractual cashflows not expected to be collected (non-accretable discount)		(1,371)
Expected cash flows at acquisition		5,342
Interest component of expected cash flows		(673)
Fair value for loans acquired under ASC 310-30	$	4,669