Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table provides the preliminary purchase price calculation as of the date of the Limestone Merger, and the assets acquired and liabilities assumed at their estimated fair values.

(Dollars in thousands)	Fair Value
Total purchase price	$	177,931
Assets
Cash and balances due from banks	5,260
Interest-bearing deposits in other banks	87,115
Total cash and cash equivalents	92,375
Available-for-sale investment securities, at fair value	166,944
Other investment securities	5,716
Total investment securities	172,660
Loans	1,079,253
Allowance for credit losses (on PCD loans)	(1,008)
Net loans	1,078,245
Bank premises and equipment, net of accumulated depreciation	17,690
Bank owned life insurance	31,343
Other intangible assets	27,722
Other assets	35,372
Total assets	1,455,407
Liabilities
Deposits:
Non-interest-bearing	262,727
Interest-bearing	971,457
Total deposits	1,234,184
Short-term borrowings	60,000
Long-term borrowings	33,744
Accrued expenses and other liabilities	12,967
Total liabilities	1,340,895
Net assets	114,512
Goodwill	$	63,419

The following table provides the final purchase price calculation as of the date of the acquisition of Vantage, and the assets acquired and liabilities assumed at their estimated fair values.

(Dollars in thousands)	Fair Value
Total purchase price	$	82,893
Net assets at fair value
Assets
Cash and due from banks	$	1,444
Leases	155,726
Allowance for credit losses (on PCD leases)	(801)
Net leases	154,925
Bank premises and equipment	116
Other intangible assets	13,207
Other assets	1,506
Total assets	$	171,198
Liabilities
Borrowings	$	106,919
Accrued expenses and other liabilities	8,550
Total liabilities	$	115,469
Net assets	$	55,729
Goodwill	$	27,164

Summary of Acquired Purchased Credit Deteriorated Loans

The following table details the fair value adjustment for acquired purchased credit deteriorated loans as of the acquisition date:

(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit (Discount) Premium		Fair Value
Purchased credit deteriorated loans
Commercial real estate, other	14,151		(280)		(748)		13,123
Commercial and industrial	14,871		(376)		(616)		13,879
Residential real estate	6,699		(254)		(958)		5,487
Home equity lines of credit	472		(13)		5		464
Consumer	1,001		(85)		78		994
Fair value	$	37,194	$	(1,008)	$	(2,239)	$	33,947

The following table details the fair value adjustment for acquired PCD leases as of the acquisition date:

(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit Premium		Fair Value
Purchased credit deteriorated leases
Leases	$	3,412	$	(801)	$	1,120	$	3,731
Fair value	$	3,412	$	(801)	$	1,120	$	3,731

Summary of Pro Forma Information

The pro forma information does not necessarily reflect the results of operations that would have occurred had Peoples acquired Limestone on January 1, 2022. Additionally, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts.

	Unaudited Pro Forma For
	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net interest income	$	89,455	$	76,536	$	177,851	$	145,500
Non-interest income	19,432		21,642		40,552		43,930
Net income	34,376		30,498		67,069		59,348