Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.23.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following is a summary of the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands).
Assets Acquired
Cash $ 3,857 
Real estate inventories 232,071 
Goodwill 44,182 
Trade name 1,590 
Other assets 378 
Total assets $ 282,078 
 
Liabilities Assumed
Accounts payable $ 6,329 
Accrued expenses 13,165 
Total liabilities 19,494 
Net assets acquired $ 262,584 
Schedule of Business Acquisition, Pro Forma Information Unaudited pro forma net income adjusts the operating result of Hanover to reflect the additional costs that would have been recorded assuming the fair value adjustments had been applied as of the beginning of the year preceding the year of acquisition including the tax-effected amortization of the acquired trade name and transaction related costs.
Three Months Ended June 30, Six Months Ended June 30,
2022 2022
(dollars in thousands)
Revenue $ 368,679  $ 690,015 
Pretax income 34,345  68,896 
Provision for income taxes 12,733  22,390 
Net income $ 21,612  $ 46,506