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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Acquisition [Line Items] |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid in the Carolina Alliance acquisition and the amounts of the assets acquired and liabilities assumed at their fair value:
(in thousands) |
Consideration |
Cash | $ | 28,630 |
Park common shares | 98,275 |
Fair value of total consideration transferred | $ | 126,905 |
Recognized amounts of identifiable assets acquired and liabilities assumed |
Cash and cash equivalents | $ | 23,799 |
Securities | 97,606 |
Loans | 578,577 |
Premises and equipment | 8,337 |
Core deposit intangibles | 8,207 |
Other assets | 32,123 |
Total assets acquired | 748,649 |
Deposits | 632,649 |
Other liabilities | 35,951 |
Total liabilities assumed | 668,600 |
Net identifiable assets | 80,049 |
Goodwill | $ | 46,856 |
The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date.
(in thousands) | Book Balance |  | Fair Value
Commercial, financial and agricultural | $ | 80,895 |  |  | $ | 80,580 |
Commercial real estate | 281,425 |  |  | 273,855 |
Construction real estate: |  |  |
Commercial | 43,106 |  |  | 42,176 |
Mortgage | 11,130 |  |  | 10,633 |
Residential real estate: |  |  |
Commercial | 48,546 |  |  | 48,684 |
Mortgage | 30,519 |  |  | 30,969 |
HELOC | 40,825 |  |  | 39,853 |
Consumer | 4,813 |  |  | 4,647 |
Leases | 28,589 |  |  | 28,781 |
PCI | 19,850 |  |  | 18,399 |
Total loans | $ | 589,698 |  |  | $ | 578,577 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents supplemental pro forma information as if the Carolina Alliance acquisition had occurred as of January 1, 2019. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date.
| Nine months ended September 30,
(dollars in thousands, except per share data) | 2020 | 2019
Net interest income | $ | 241,253 |  | $ | 227,974 |
Net income | $ | 83,178 |  | $ | 86,227 |
Basic earnings per share | $ | 5.10 |  | $ | 5.21 |
Diluted earnings per share | $ | 5.07 |  | $ | 5.18 |

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