XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.20.4

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Preliminary Valuations of the Fair Value of Assets Acquired and Liabilities Assumed | Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change based on the timing of the transaction, the purchase price for the MBT acquisition is detailed in the following table.
|  | Fair Value
Cash and cash equivalents |  | $ | 10,222 |
Interest-bearing time deposits |  | 281,228 |
Investment securities |  | 212,235 |
Loans |  | 732,578 |
Premises and equipment |  | 21,664 |
Federal Home Loan Bank stock |  | 4,148 |
Interest receivable |  | 3,361 |
Cash surrender value of life insurance |  | 59,545 |
Tax asset, deferred and receivable |  | 5,205 |
Other assets |  | 6,011 |
Deposits |  | (1,105,926) |
Securities sold under repurchase agreements |  | (94,760) |
Federal Home Loan Bank advances |  | (10,853) |
Other liabilities |  | (9,807) |
Net tangible assets acquired |  | 114,851 |
Core deposit intangible |  | 16,527 |
Goodwill |  | 98,563 |
Purchase price |  | $ | 229,941 |
Schedule of Acquired Loan Data | Acquired loan data for MBT is included in the following table:
| Fair Value of Acquired Loans at Acquisition Date |  | Gross Contractual Amounts Receivable at Acquisition Date |  | Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
Acquired receivables subject to ASC 310-30 | $ | 3,531 |  |  | $ | 6,840 |  |  | $ | 2,733 |
Acquired receivables not subject to ASC 310-30 | $ | 729,047 |  |  | $ | 907,210 |  |  | $ | 14,722 |
The following table presents loans acquired during the period ending December 31, 2019, for which it was probable at acquisition that all contractually required payments would not be collected.
| 2019 |  |
| MBT |  |
Contractually required payments receivable at acquisition date | $ | 6,840 |  |  |
Nonaccretable difference | 2,733 |  |  |
Expected cash flows at acquisition date | 4,107 |  |  |
Accretable difference | 576 |  |  |
Basis in loans at acquisition date | $ | 3,531 |  |  |
Schedule of Pro Forma Information from Acquisition | The results of operations of MBT have been included in the Corporation's consolidated financial statements since the acquisition date. The following schedule includes pro forma results for the year ended December 31, 2019, as if the MBT acquisition occurred as of the beginning of the period presented.
|  | Year Ended December 31, 2019 |  |
Total revenue (net interest income plus other income) |  | $ | 474,891 |  |  |
Net income available to common shareholders |  | $ | 161,228 |  |  |
Earnings per share: |  |  |  |
Basic |  | $ | 2.89 |  |  |
Diluted |  | $ | 2.88 |  |  |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
Name: | us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=121647850&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration