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Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2022
Accounting Policies [Abstract] |
Summary of Business Acquisition | The following table presents the preliminary valuation of the assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date:
(dollars and shares in thousands) | February 15, 2022
Assets |
Cash and cash equivalents | $ | 1,912,629 |
Investment securities | 3,526,278 |
FHLB/Federal Reserve Bank stock | 106,097 |
Loans held for sale | 13,809 |
Loans, net of allowance for credit losses | 14,308,309 |
Premises and equipment | 108,306 |
Operating lease right-of-use assets | 134,388 |
Accrued interest receivable | 53,502 |
Goodwill | 960,163 |
Other intangible assets | 117,584 |
Company-owned life insurance | 301,025 |
Other assets | 322,267 |
Total assets | $ | 21,864,357 |
Liabilities |
Deposits | $ | 17,249,404 |
Securities sold under agreements to repurchase | 135,194 |
Federal Home Loan Bank advances | 1,158,623 |
Other borrowings | 274,569 |
Accrued expenses and other liabilities | 356,385 |
Total liabilities | $ | 19,174,175 |
Fair value of consideration |
Preferred stock | $ | 243,870 |
Common stock (129,365 shares issued at $18.92 per share) | 2,446,312 |
Total consideration | $ | 2,690,182 |
Schedule of Pro Forma Information | The following table presents supplemental unaudited pro-forma financial information as if the First Midwest merger had occurred on January 1, 2021. The pro-forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective as of this assumed date.
| Three Months Ended March 31, |  |
(dollars in thousands) | 2022 |  | 2021 |  |  |  |
Total revenues (1) | $ | 372,346 |  |  | $ | 394,311 |  |  |  |  |
Income before income taxes | 88,319 |  |  | 18,594 |  |  |  |  |
(1) Includes net interest income and total noninterest income.

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