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Note 2 - Bank Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 07, 2022
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Goodwill, Ending Balance   $ 194,074 $ 202,524 $ 194,074 $ 135,830
Cash consideration paid   0 30,994    
Business Combination, Consideration Transferred, Total   0 167,913    
Goodwill   0 $ 66,694    
Commonwealth [Member]          
Mortgage loans held for sale $ 3,559        
Available for sale debt securities 84,974        
Held to maturity debt securities [1] 161,819        
Federal Home Loan Bank stock, at cost 4,436        
Loans 632,404        
Allowance for credits losses on loans (9,950)        
Net loans 622,454        
Premises and equipment, net 32,793        
Accrued interest receivable 1,973        
Goodwill, Ending Balance 67,000 $ 58,244   $ 58,244  
Mortgage servicing rights 12,676        
Deferred income taxes, net (3,727)        
Other assets 8,324        
Total assets acquired 1,336,815        
Non-interest bearing 302,098        
Interest bearing 818,705        
Total deposits 1,120,803        
SSUAR 66,220        
Subordinated debentures 26,012        
Line of credit 3,200        
Accrued interest payable 243        
Other liabilities 19,118        
Total liabilities assumed 1,235,596        
Net assets acquired 101,219        
Consideration for common stock 133,825        
Cash consideration paid 30,994        
Non-controlling interest of acquired entity 3,094        
Business Combination, Consideration Transferred, Total 167,913        
Goodwill 66,694        
Commonwealth [Member] | Core Deposits [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 12,724        
Commonwealth [Member] | Customer Lists [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 14,360        
Commonwealth [Member] | Cash [Member]          
Cash and due from banks 380,450        
Commonwealth [Member] | As Recorded By Acquiree [Member]          
Mortgage loans held for sale 3,559        
Available for sale debt securities 247,209        
Held to maturity debt securities [1] 0        
Federal Home Loan Bank stock, at cost 4,436        
Loans 645,551        
Allowance for credits losses on loans (16,102)        
Net loans 629,449        
Premises and equipment, net 28,784        
Accrued interest receivable 1,973        
Goodwill, Ending Balance 5,412        
Mortgage servicing rights 9,387        
Deferred income taxes, net 0        
Other assets 9,389        
Total assets acquired 1,320,048        
Non-interest bearing 302,098        
Interest bearing 818,334        
Total deposits 1,120,432        
SSUAR 66,220        
Subordinated debentures 26,806        
Line of credit 3,200        
Accrued interest payable 243        
Other liabilities 17,822        
Total liabilities assumed 1,234,723        
Net assets acquired 85,325        
Commonwealth [Member] | As Recorded By Acquiree [Member] | Core Deposits [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 0        
Commonwealth [Member] | As Recorded By Acquiree [Member] | Customer Lists [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 0        
Commonwealth [Member] | As Recorded By Acquiree [Member] | Cash [Member]          
Cash and due from banks 380,450        
Commonwealth [Member] | As Adjusted By Acquirer [Member]          
Mortgage loans held for sale [2] 0        
Available for sale debt securities [2],[3] (416)        
Held to maturity debt securities [1],[2],[3] 0        
Federal Home Loan Bank stock, at cost [2] 0        
Loans [2],[4] (13,147)        
Allowance for credits losses on loans [2],[5] 6,152        
Net loans [2] (6,995)        
Premises and equipment, net [2],[6] 4,009        
Accrued interest receivable [2] 0        
Goodwill, Ending Balance [2],[7] (5,412)        
Mortgage servicing rights [2],[8] 3,289        
Deferred income taxes, net [2],[9] (3,727)        
Other assets [2],[10] (1,065)        
Total assets acquired [2] 16,767        
Non-interest bearing [2] 0        
Interest bearing [2],[11] 371        
Total deposits [2] 371        
Subordinated debentures [2],[12] (794)        
Line of credit [2] 0        
Accrued interest payable [2] 0        
Other liabilities [2],[13] 1,296        
Total liabilities assumed [2] 873        
Net assets acquired [2] 15,894        
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Core Deposits [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles [2],[14] 12,724        
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Customer Lists [Member]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles [2],[15] 14,360        
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Cash [Member]          
Cash and due from banks [2] 0        
Commonwealth [Member] | Classification Adjustments [Member]          
Available for sale debt securities [1] (161,819)        
Held to maturity debt securities [1] $ 161,819        
[1] As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM.
[2] See the following page for explanations of individual fair value/provisional period adjustments.
[3] Adjustment to investment securities based on Bancorp’s evaluation of the acquired portfolio.
[4] Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 )
[5] The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 )
[6] Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets.
[7] Elimination of the historical CB goodwill.
[8] Adjustment to reflect the estimated fair value of MSRs.
[9] Adjustment to net DTAs associated with the effects of the purchase accounting adjustments.
[10] Adjustment to other assets to reflect the estimated fair value of prepaid and other assets.
[11] Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition.
[12] Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of market interest rates and maturity dates at the time of acquisition.
[13] Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments.
[14] Calculation of CDI related to the acquisition.
[15] Calculation of CLI related to the acquisition.