Acquisition and Preliminary Purchase Price Allocation (Tables)

9 Months Ended

Sep. 30, 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	5,007
Total identifiable assets	319,738
Identifiable liabilities:
Deposits	299,251
Short-term borrowings	6,500
Other liabilities	1,362
Total identifiable liabilities	307,113
Net identifiable assets (liabilities)	12,625
Goodwill	41,175
Core deposit intangible	8,278
	$	62,078

319,738

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	41,175
Balance at September 30, 2023	$	150,116