XML 35 R26.htm IDEA: XBRL DOCUMENT v3.22.2.2
Business Combination (Tables)
9 Months Ended
Sep. 30, 2022
Business Combination [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

(In thousands, except per share data)

Purchase Price Consideration:

Fair value of common shares issued (8,053,088 shares) based on Shore Bancshares, Inc. share price of $18.48

$

148,821

Cash consideration

20,631

Cash paid for cash-out Severn stock options

310

Cash for fractional shares

3

Total purchase price

$

169,765

Identifiable assets:

Cash and cash equivalents

$

326,725

Total securities

146,292

Loans held for sale

9,613

Loans, net (1)

584,776

Premises and equipment, net

24,768

Other real estate owned

329

Core deposit intangible asset

6,550

Other assets (1)

20,304

Total identifiable assets

$

1,119,357

Identifiable liabilities:

Deposits

$

955,288

Total debt

28,341

Other liabilities

11,727

Total identifiable liabilities

$

995,356

Provisional fair value of net assets acquired including identifiable intangible assets

124,001

Provisional resulting goodwill (1)

$

45,764

(1)Includes the effect of measurement period adjustments recorded in the first quarter of 2022 and reconciled in the table below.
Schedule of Changes in Fair Value of Assets Acquired and Liabilities Assumed

The following table details the changes in fair value of net assets acquired and liabilities assumed from the amounts reported for the year ended December 31, 2021 (dollars in thousands).

Goodwill at December 31, 2021

$

45,904

Effect of adjustments to:

Loans, net

(192)

Other assets

52

Goodwill at September 30, 2022

$

45,764

Schedule of Contractually Required Payments Receivable

Contractually required payments receivable

$

46,833

Nonaccretable difference

(3,364)

Cash flows expected to be collected

43,469

Accretable yield

(5,667)

Fair value

$

37,802