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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Assets and Liabilities Related to Branch Sale | The following table summarizes the assets and liabilities related to the branch sale:
| December 6, 2024
Assets |
Cash and due from banks | $ | 419 |
Loans | 7,410 |
Premises and equipment | 3,233 |
Interest receivable and other assets | 21 |
Total Assets | $ | 11,083 |
Liabilities |
Deposits | $ | 267,448 |
Interest payable and other liabilities | 692 |
Total Liabilities | 268,140 |
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 | 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 periods presented.
|  | Year Ended December 31, 2022
Total revenue (net interest income plus other income) |  | $ | 654,313 |
Net Income |  | $ | 221,631 |
Net income available to common shareholders |  | $ | 219,756 |
Earnings per share: |  |
Basic |  | $ | 3.72 |
Diluted |  | $ | 3.70 |

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