On July 10, 2020, the Company completed its acquisition of 100 percent of the shares of common stock of Mortgage World. The shareholders of Mortgage World received total consideration of $1.8 million in cash. The acquisition was accounted for using the acquisition method of accounting, and accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Mortgage World’s results of operations have been included in the Company’s Consolidated Statements of Operations since July 10, 2020. Mortgage World’s assets and liabilities were transferred to the Bank on January 26, 2022. Refer to Note 20 Subsequent Events for additional information.

The assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values based on management’s best estimates, using information available at the date of the acquisition. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the acquisition. The Company did not recognize goodwill from the acquisition.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Mortgage World:

	Fair Value (in thousands)
Fair value of acquisition consideration	$	1,755
Assets:
Cash and cash equivalents		750
Mortgage loans held for sale, at fair value		10,549
Premises and equipment, net		302
Other assets		772
Total assets	$	12,373

Liabilities:
Warehouse lines of credit	$	9,135
Mortgage loans fundings payable		1,237
Other liabilities		246
Total Liabilities	$	10,618
Net assets	$	1,755