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Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisitions | The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed on July 1, 2022:
|  | Fair Value
(dollars in thousands, except share data) |  |
Consideration transferred: |  |
Common stock shares issued (6,208,516) |  | $ | 89,713 |
Cash paid to Prudential Bancorp shareholders |  | 29,343 |
Value of consideration |  | 119,056 |
Assets acquired: |  |
Cash and due from banks |  | 7,533 |
Investment securities |  | 287,126 |
Loans |  | 554,091 |
Premises and equipment |  | 8,574 |
Other assets |  | 73,303 |
Total assets |  | 930,627 |
Liabilities assumed: |  |
Deposits |  | 532,170 |
Borrowings(1) |  | 284,000 |
Other liabilities |  | 14,482 |
Total liabilities |  | 830,652 |
Net assets acquired: |  | 99,975 |
Goodwill resulting from the Merger |  | $ | 19,081 |
(1) Included a $30.5 million intercompany borrowing between Prudential Bank and Fulton Bank. The following table presents information with respect to the fair value and unpaid principal balance of acquired loans and leases at the date of the Merger:
|  | July 1, 2022
|  | Unpaid Principal Balance |  | Fair Value
|  | (dollars in thousands)
Real estate - commercial mortgage |  | $ | 224,904 |  |  | $ | 216,593 |
Commercial and industrial |  | 63,560 |  |  | 61,873 |
Real-estate - residential mortgage |  | 177,327 |  |  | 169,098 |
Real-estate - home equity |  | 6,034 |  |  | 5,812 |
Real-estate - construction |  | 98,963 |  |  | 98,546 |
Consumer |  | 2,306 |  |  | 2,286 |
Total acquired loans |  | $ | 573,094 |  |  | $ | 554,208 |
The following table presents the carrying amount of loans for which, at the date of Merger, there was evidence of more than insignificant deterioration of credit quality since origination:
|  | July 1, 2022
|  | (dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition |  | $ | 27,057 |
Allowance for credit losses at acquisition |  | (1,135) |
Non-credit related discount |  | (130) |
Total purchased credit deteriorated loans |  | $ | 25,792 |
Schedule of Goodwill | The following table presents the change in goodwill during the nine months ended September 30, 2023:
| September 30,
| 2023
| (dollars in thousands)
Goodwill at December 31, 2022 | $ | 550,539 |
Adjustments to goodwill from the Merger | 2,807 |
Goodwill at September 30, 2023 | $ | 553,346 |
Pro Forma Income Statement | The table below presents the pro forma results of the operations of the combined institutions as if the Merger occurred on January 1, 2022. The pro forma income statement adjustments are limited to the effects of fair value mark amortization and accretion and intangible asset amortization and do not consider future cost savings the Corporation expects to achieve subsequent to the merger of Prudential Bank with and into the Bank.
| Nine months ended September 30 |  |
| 2023 |  | 2022 |  |  |  |
| (dollars in thousands)
Net interest income | $ | 642,281 |  |  | $ | 575,996 |  |  |  |  |
Provision for credit losses | 44,228 |  |  | 19,528 |  |  |  |  |
Net Interest Income After Provision for Credit Losses | 598,053 |  |  | 556,468 |  |  |  |  |
Total noninterest income | 168,300 |  |  | 177,733 |  |  |  |  |
Total noninterest expenses | 498,656 |  |  | 494,671 |  |  |  |  |
Income Before Income Taxes | 267,697 |  |  | 239,530 |  |  |  |  |
Income tax expense | 47,680 |  |  | 41,825 |  |  |  |  |
Net Income | $ | 220,017 |  |  | $ | 197,705 |  |  |  |  |

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