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v3.20.1

Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Fair Value of Assets Acquired and Liabilities Assumed | A summary, at fair value, of the assets acquired and liabilities assumed in the Reliance transaction, as of the acquisition date, is as follows:
(In thousands) | Acquired from Reliance |  | Fair Value Adjustments |  | Fair Value
Assets Acquired |  |  |  |  |
Cash and due from banks | $ | 25,693 |  |  | $ | — |  |  | $ | 25,693 |
Due from banks - time | 502 |  |  | — |  |  | 502 |
Investment securities | 287,983 |  |  | (1,873 | ) |  | 286,110 |
Loans acquired | 1,138,527 |  |  | (41,657 | ) |  | 1,096,870 |
Allowance for loan losses | (10,808 | ) |  | 10,808 |  |  | — |
Foreclosed assets | 11,092 |  |  | (5,180 | ) |  | 5,912 |
Premises and equipment | 32,452 |  |  | (3,001 | ) |  | 29,451 |
Bank owned life insurance | 39,348 |  |  | — |  |  | 39,348 |
Core deposit intangible | — |  |  | 18,350 |  |  | 18,350 |
Other assets | 25,165 |  |  | 6,911 |  |  | 32,076 |
Total assets acquired | $ | 1,549,954 |  |  | $ | (15,642 | ) |  | $ | 1,534,312 |
(In thousands) | Acquired from Reliance |  | Fair Value Adjustments |  | Fair Value
Liabilities Assumed |  |  |  |  |
Deposits: |  |  |  |  |
Non-interest bearing transaction accounts | $ | 108,845 |  |  | $ | (33 | ) |  | $ | 108,812 |
Interest bearing transaction accounts and savings deposits | 639,798 |  |  | — |  |  | 639,798 |
Time deposits | 478,415 |  |  | (1,758 | ) |  | 476,657 |
Total deposits | 1,227,058 |  |  | (1,791 | ) |  | 1,225,267 |
Securities sold under agreement to repurchase | 14,146 |  |  | — |  |  | 14,146 |
Other borrowings | 162,900 |  |  | (5,500 | ) |  | 157,400 |
Accrued interest and other liabilities | 8,185 |  |  | 268 |  |  | 8,453 |
Total liabilities assumed | 1,412,289 |  |  | (7,023 | ) |  | 1,405,266 |
Equity | 137,665 |  |  | (137,665 | ) |  | — |
Total equity assumed | 137,665 |  |  | (137,665 | ) |  | — |
Total liabilities and equity assumed | $ | 1,549,954 |  |  | $ | (144,688 | ) |  | $ | 1,405,266 |
Net assets acquired |  |  |  |  | 129,046 |
Purchase price |  |  |  |  | 207,539 |
Goodwill |  |  |  |  | $ | 78,493 |
A summary, at fair value, of the assets acquired and liabilities assumed in the Landrum transaction, as of the acquisition date, is as follows:
(In thousands) | Acquired from Landrum |  | Fair Value Adjustments |  | Fair Value
Assets Acquired |  |  |  |  |
Cash and due from banks | $ | 215,285 |  |  | $ | — |  |  | $ | 215,285 |
Due from banks - time | 248 |  |  | — |  |  | 248 |
Investment securities | 1,021,755 |  |  | 4,228 |  |  | 1,025,983 |
Loans acquired | 2,049,137 |  |  | (43,651 | ) |  | 2,005,486 |
Allowance for loan losses | (22,736 | ) |  | 22,736 |  |  | — |
Foreclosed assets | 373 |  |  | (183 | ) |  | 190 |
Premises and equipment | 63,878 |  |  | 18,867 |  |  | 82,745 |
Bank owned life insurance | 19,206 |  |  | — |  |  | 19,206 |
Goodwill | 407 |  |  | (407 | ) |  | — |
Core deposit intangible | — |  |  | 24,345 |  |  | 24,345 |
Other intangibles | 412 |  |  | 4,704 |  |  | 5,116 |
Other assets | 33,924 |  |  | (13,401 | ) |  | 20,523 |
Total assets acquired | $ | 3,381,889 |  |  | $ | 17,238 |  |  | $ | 3,399,127 |
Liabilities Assumed |  |  |  |  |
Deposits: |  |  |  |  |
Non-interest bearing transaction accounts | $ | 716,675 |  |  | $ | — |  |  | $ | 716,675 |
Interest bearing transaction accounts and savings deposits | 1,465,429 |  |  | — |  |  | 1,465,429 |
Time deposits | 867,197 |  |  | 299 |  |  | 867,496 |
Total deposits | 3,049,301 |  |  | 299 |  |  | 3,049,600 |
Other borrowings | 10,055 |  |  | — |  |  | 10,055 |
Subordinated debentures | 34,794 |  |  | (877 | ) |  | 33,917 |
Accrued interest and other liabilities | 31,057 |  |  | (484 | ) |  | 30,573 |
Total liabilities assumed | 3,125,207 |  |  | (1,062 | ) |  | 3,124,145 |
Equity | 256,682 |  |  | (256,682 | ) |  | — |
Total equity assumed | 256,682 |  |  | (256,682 | ) |  | — |
Total liabilities and equity assumed | $ | 3,381,889 |  |  | $ | (257,744 | ) |  | $ | 3,124,145 |
Net assets acquired |  |  |  |  | 274,982 |
Purchase price |  |  |  |  | 415,779 |
Goodwill |  |  |  |  | $ | 140,797 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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