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Business Combinations (Tables)

6 Months Ended

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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- References

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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

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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

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