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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [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 preliminary 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 Level One acquisition is detailed in the following table. If, prior to the end of the one-year measurement period for finalizing the purchase price allocation, information becomes available about facts and circumstances that existed as of the acquisition date, which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively.
|  | Fair Value
Cash and due from banks |  | $ | 217,104 |
Investment securities |  | 370,658 |
Loans held for sale |  | 7,951 |
Loans |  | 1,629,273 |
Allowance for credit losses - loans |  | (16,599) |
Premises and equipment |  | 11,848 |
Federal Home Loan Bank stock |  | 11,688 |
Interest receivable |  | 7,188 |
Cash surrender value of life insurance |  | 30,143 |
Tax asset, deferred and receivable |  | 13,174 |
Other assets |  | 41,690 |
Deposits |  | (1,930,790) |
Securities sold under repurchase agreements |  | (1,521) |
Federal Home Loan Bank advances |  | (160,043) |
Subordinated debentures |  | (32,631) |
Interest payable |  | (1,065) |
Other liabilities |  | (42,813) |
Net tangible assets acquired |  | 155,255 |
Other intangibles |  | 18,642 |
Goodwill |  | 167,816 |
Purchase price |  | $ | 341,713 |
Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair value on the date of the acquisition. Based on 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 Hoosier acquisition is detailed in the following table.
|  | Fair Value
Cash and cash equivalents |  | $ | 292 |
Other assets |  | 35 |
Other liabilities |  | (816) |
Net tangible assets acquired |  | (489) |
Customer relationship intangible |  | 2,247 |
Goodwill |  | 1,467 |
Purchase price |  | $ | 3,225 |
Schedule of Pro Forma Financial Information of Consolidated Financial Statements Since the Acquisition Date | The results of operations of Level One have been included in the Corporation's consolidated financial statements since the acquisition date. The following schedule includes pro forma results for the three and six months ended June 30, 2022 and the annual period ended December 31, 2021 as if the Level One acquisition occurred as of the beginning of the periods presented. Pro forma financial information of the Hoosier acquisition is not included in the table below as it is deemed immaterial.
|  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Total revenue (net interest income plus other income) |  | $ | 156,938 |  |  | $ | 306,153 |
Net income |  | $ | 38,990 |  |  | $ | 84,528 |
Net income available to common stockholders |  | $ | 38,521 |  |  | $ | 83,590 |
Earnings per common share: |  |  |  |
Basic |  | $ | 0.64 |  |  | $ | 1.42 |
Diluted |  | $ | 0.63 |  |  | $ | 1.41 |
|  | 2021
Total revenue (net interest income plus other income) |  | $ | 621,946 |
Net income |  | $ | 237,031 |
Net income available to common stockholders |  | $ | 235,156 |
Earnings per common share: |  |
Basic |  | $ | 3.96 |
Diluted |  | $ | 3.95 |

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- 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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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