Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table provides the purchase price calculation as of the date of the Limestone Merger, and the assets acquired and liabilities assumed at their estimated fair values. The estimated fair values below are subject to adjustment for up to one year after April 30, 2023, which include, but are not limited to, loans, including the designation of PCD loans, deferred tax assets and liabilities, and certain other assets and other liabilities.

(Dollars in thousands)	Fair Value
Total purchase price	$	177,931
Assets
Cash and balances due from banks	6,422
Interest-bearing deposits in other banks	87,115
Total cash and cash equivalents	93,537
Available-for-sale investment securities, at fair value	166,944
Other investment securities	5,716
Total investment securities	172,660
Loans and leases	1,077,929
Allowance for credit losses (on PCD loans)	(2,051)
Net loans	1,075,878
Bank premises and equipment, net of accumulated depreciation	17,690
Bank owned life insurance	31,343
Other intangible assets	27,722
Other assets	36,874
Total assets	1,455,704
Liabilities
Deposits:
Non-interest-bearing	262,727
Interest-bearing	971,457
Total deposits	1,234,184
Short-term borrowings	60,000
Long-term borrowings	39,453
Accrued expenses and other liabilities	12,967
Total liabilities	1,346,604
Net assets	109,100
Goodwill	$	68,831

The below table reflects the changes in the estimated fair value as they impact goodwill at December 31, 2023:

(Dollars in thousands)	Fair Value
Loans	(2,051)
Allowance for credit losses (on PCD loans)	(890)
Net loans	(2,941)
Other assets	1,949
Total assets	(992)
Liabilities
Long-term borrowings	5,709
Total liabilities	5,709
Net assets	(6,701)
Goodwill	$	6,701

The following table provides the 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

(Dollars in thousands)	Fair Value
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

Schedule of Acquired Purchased Credit Deteriorated Loans

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

(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit (Discount) Premium		Fair Value
PCD loans
Commercial real estate, other	$	30,907	$	(1,340)	$	(2,160)	$	27,407
Commercial and industrial	16,466		(379)		(610)		15,477
Residential real estate	6,328		(228)		(770)		5,330
Home equity lines of credit	774		(18)		11		767
Consumer	1,029		(86)		78		1,021
Fair value	$	55,504	$	(2,051)	$	(3,451)	$	50,002

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
PCD leases
Leases	$	3,412	$	(801)	$	1,120	$	3,731
Fair value	$	3,412	$	(801)	$	1,120	$	3,731

Schedule 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
	Twelve months ended
(Dollars in thousands)	December 31, 2023		December 31, 2022
Net interest income	$	351,164	$	317,226
Non-interest income	87,890		87,713
Net income	130,153		127,023