Acquisition and Preliminary Purchase Price Allocation (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The following table summarizes the consideration paid for Citizens and the amounts of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):

Consideration:
Common stock	$	61,570
Stock option buyout	495
Cash	13
	62,078
Identifiable assets:
Cash and cash equivalents	14,013
Investment securities	41,008
FHLB stock	620
Loans	251,406
Fixed assets	3,237
Bank owned life insurance	2,966
Deferred tax assets, net	1,481
Other assets	5,722
Total identifiable assets	320,453
Identifiable liabilities:
Deposits	299,243
Short-term borrowings	6,500
Other liabilities	1,361
Total identifiable liabilities	307,104
Net identifiable assets (liabilities)	13,349
Goodwill	40,451
Core deposit intangible	8,278
	$	62,078

Schedule of Goodwill

The following table summarizes adjustments to goodwill subsequent to December 31, 2022 (in thousands):

	Goodwill
Balance at December 31, 2022	$	108,941
Adjustment to goodwill acquired in conjunction with the acquisition of Citizens	40,451
Balance at March 31, 2023	$	149,392