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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
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 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.
|  | Fair Value
Cash and due from banks |  | $ | 217,104 |
Investment securities available for sale |  | 370,071 |
Investment securities held to maturity |  | 587 |
Loans held for sale |  | 7,951 |
Loans |  | 1,627,423 |
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 |  | 16,223 |
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 |  | 156,454 |
Other intangibles |  | 18,642 |
Goodwill |  | 166,617 |
Purchase price |  | $ | 341,713 |
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 year ended December 31, 2022 as if the Level One acquisition occurred as of the beginning of the period presented.
|  | 2022
Total revenue (net interest income plus other income) |  | $ | 654,313 |
Net income |  | $ | 221,631 |
Net income available to common stockholders |  | $ | 219,756 |
Earnings per common share: |  |
Basic |  | $ | 3.72 |
Diluted |  | $ | 3.70 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -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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