Business Combinations (Tables) - MPB

12 Months Ended

Dec. 31, 2023

Business Combinations

Schedule of recognized identified assets acquired and liabilities assumed

	As recorded by		Preliminary Fair Value		As recorded by
(dollars in thousands)	Metro Phoenix Bank		Adjustments		the Company
Assets
Cash and cash equivalents	$	101,819	$	(123)	$	101,696
Fed funds sold		18,936		—		18,936
Core deposit intangible		—		7,592		7,592
Loans		273,843		(3,440)		270,403
Accrued interest receivable		1,091		—		1,091
Other assets		3,342		188		3,530
Total assets		399,031		4,217		403,248
Liabilities
Deposits		354,529		(844)		353,685
Other liabilities		673		—		673
Total liabilities		355,202		(844)		354,358
Excess assets over liabilities	$	43,829	$	5,061		48,890
Stock issued for MPB						64,019
Total goodwill recorded					$	15,129

Schedule of pro forma information

	Pro Formas (unaudited)
	for the years ended December 31,
(dollars in thousands)	2022		2021
Net interest income after provision for credit losses	$	107,172	$	104,087
Noninterest income		112,755		151,499
Noninterest expense		166,476		178,337
Net income (after tax)		40,784		58,585
Basic earnings per common share	$	2.17	$	3.36
Diluted earnings per common share	$	2.14	$	3.30

Schedule of loan balances

	December 31,
(dollars in thousands)	2022
Real estate construction	$	175
Outstanding balance		175
Carrying amount		151
Allowance for credit losses on loans		—
Carrying amount, net of allowance for loan losses	$	151

Schedule of accretable yield or income expected to be collected

	For the year ended
	December 31,
(dollars in thousands)	2022
Beginning balance	$	177
New loans purchased		—
Accretion of income		—
Ending balance	$	177