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Business Combinations | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Business Combinations | 2. Business Combination On September 21, 2019, the Company completed the acquisition of MidSouth Bancorp, Inc. (“MidSouth”) (NYSE: MSL), parent company of MidSouth Bank, N.A. The transaction provides the Company opportunity for both enhanced growth in several of its current markets, such as MidSouth’s home market of Lafayette, Louisiana, as well as opportunities for expansion into new markets in Louisiana and Texas. The transaction was accounted for as a business combination whereby the Company acquired net assets with an estimated fair value of $130.5 million and recorded goodwill of $63.4 million. In consideration for the net assets acquired, the Company issued approximately 5.0 million shares resulting in a transaction value of $193.8 million. The following table sets forth the preliminary acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. The goodwill is not deductible for federal income tax purposes.
(in thousands) |  |  |
ASSETS |  |  |
Cash and due from banks |  | $ | 28,059
Interest bearing bank deposits |  |  | 276,911
Federal funds sold |  |  | 3,475
Securities available for sale |  |  | 272,240
Loans |  |  | 787,628
Property and equipment |  |  | 34,288
Other real estate |  |  | 343
Identifiable intangible assets |  |  | 31,500
Other assets |  |  | 79,888
Total identifiable assets |  |  | 1,514,332
LIABILITIES |  |  |
Deposit liabilities |  |  | 1,280,947
Short term borrowings |  |  | 66,996
Long term debt |  |  | 13,919
Other liabilities |  |  | 21,990
Total liabilities |  |  | 1,383,852
Net assets acquired |  |  | 130,480
Value of stock-based consideration |  |  | 193,849
Goodwill |  | $ | 63,369
The results of the acquired business were included in the Company’s consolidated results of operations from the date of acquisition. The results of the acquired business are not material to the Company’s consolidated results of operations and, as such, neither supplemental pro forma information of the combined entity nor revenue and earnings contributed by the acquired business since the date of acquisition are presented. Goodwill Resulting from Business Combinations Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. It is comprised of estimated future economic benefits arising from the transaction that cannot be individually identified or do not qualify for separate recognition. These benefits include expanded presence in existing markets and entry into new markets, and expected earnings streams and operational efficiencies that the Company believes will result from this business combination. The following table presents the change in the Company’s goodwill during the year ended December 31, 2019. No measurement period adjustments were recorded during the three months ended March 31, 2020.
(in thousands) |  |  |  |
Goodwill balance at December 31, 2018 |  | $ | 790,972 |
Final settlement of cash consideration - acquisition of trust and asset management business |  |  | 1,112 |
Initial goodwill recorded in the acquisition of MidSouth Bancorp, Inc. |  |  | 69,207 |
Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. |  |  | (5,838 | )
Goodwill balance at December 31, 2019 |  | $ | 855,453 |
Goodwill balance at March 31, 2020 |  | $ | 855,453 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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