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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Estimated Fair Values of the Assets Acquired and the Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the merger date, net of cash consideration paid (in thousands):
|  | As of May 16, 2024
Assets acquired: |  |
Cash and cash equivalents, net |  | $ | 194,548 |
Available for sale debt securities |  | 1,585,993 |
Federal Home Loan Bank stock |  | 46,113 |
Loans held for sale |  | 1,494 |
Loans held for investment |  | 7,906,326 |
Allowance for credit losses on PCD loans |  | (17,188) |
Loans, net |  | 7,889,138 |
Bank-owned life insurance |  | 160,646 |
Banking premises and equipment |  | 60,578 |
Accrued interest receivable |  | 27,241 |
Goodwill |  | 190,858 |
Other intangibles assets |  | 209,915 |
Other assets |  | 242,011 |
Total assets acquired |  | $ | 10,608,535 |
Liabilities assumed: |  |
Deposits |  | 8,622,924 |
Mortgage escrow deposits |  | 5,532 |
Borrowed funds |  | 785,927 |
Subordinated debentures |  | 180,198 |
Other liabilities |  | 137,176 |
Total liabilities assumed |  | $ | 9,731,757 |
Net assets acquired |  | $ | 876,778 |
Fair Value of Loans Acquired in Acquisition | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present the fair value of the loans acquired (in thousands):
Gross amortized cost basis as of May 16, 2024 |  | $ | 8,323,589 |
Interest rate fair value adjustment on all loans |  | (330,540) |
Credit fair value adjustment on non-PCD loans |  | (82,359) |
Charge-offs on PCD Loans at acquisition |  | (4,364) |
Allowance for credit losses on PCD loans |  | (17,188) |
Fair value of acquired loans, net, as of May 16, 2024 |  | $ | 7,889,138 |
The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):
Gross amortized cost basis as of May 16, 2024 |  | $ | 564,147 |
Charge-offs on PCD Loans at acquisition |  | (4,364) |
Interest component of expected cash flows (accretable difference) |  | (33,365) |
Allowance for credit losses on PCD loans |  | (17,188) |
Net PCD loans |  | $ | 509,230 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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