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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2022
Delta Bancshare Company |
Business Acquisition [Line Items] |
Estimated Fair Values of Assets Acquired and Liabilities Assumed |
|  | Acquired |  |  | Fair Value |  |  | As Recorded by |
(In thousands) |  | Book Value |  |  | Adjustments |  |  | Jefferson Bank |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 82,473 |  |  | $ | — |  |  | $ | 82,473 |
Investment securities |  |  | 184,959 |  |  |  | (2,836 | ) |  |  | 182,123 |
Loans |  |  | 426,433 |  |  |  | (7,924 | ) |  |  | 418,509 |
Allowance for credit losses |  |  | (5,388 | ) |  |  | 4,525 |  |  |  | (863 | )
Premises and equipment |  |  | 5,522 |  |  |  | 3,508 |  |  |  | 9,030 |
Goodwill |  |  | 14 |  |  |  | 28,597 |  |  |  | 28,611 |
Core deposit intangible |  |  | — |  |  |  | 5,920 |  |  |  | 5,920 |
Bank owned life insurance |  |  | 15,822 |  |  |  |  |  |  |  | 15,822 |
Right of use asset |  |  | — |  |  |  | 717 |  |  |  | 717 |
Other assets |  |  | 9,061 |  |  |  | (1,340 | ) |  |  | 7,721 |
Total assets acquired |  | $ | 718,896 |  |  | $ | 31,167 |  |  | $ | 750,063 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 558,619 |  |  | $ | 1,759 |  |  | $ | 560,378 |
Securities sold under agreements to repurchase |  |  | 35,523 |  |  |  | — |  |  |  | 35,523 |
FHLB advances |  |  | 45,000 |  |  |  | 75 |  |  |  | 45,075 |
Lease liability |  |  | — |  |  |  | 717 |  |  |  | 717 |
Other liabilities |  |  | 2,209 |  |  |  | (1,161 | ) |  |  | 1,048 |
Total liabilities assumed |  |  | 641,351 |  |  |  | 1,390 |  |  |  | 642,741 |
Net assets acquired |  | $ | 77,545 |  |  | $ | 29,777 |  |  | $ | 107,322 |
Consideration paid |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  | $ | 15,150 |
Common stock |  |  |  |  |  |  |  |  |  |  | 92,172 |
|  |  |  |  |  |  |  |  |  | $ | 107,322 |
Unaudited Pro Forma Condensed Combined Financial Information | 36 The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data):
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Net interest income |  | $ | 44,200 |  |  | $ | 40,966 |
Provision for loan losses |  |  | 2,952 |  |  |  | 14,136 |
Non-interest income |  |  | 21,088 |  |  |  | 18,528 |
Non-interest expense |  |  | 40,575 |  |  |  | 39,653 |
Income before taxes |  |  | 21,761 |  |  |  | 5,705 |
Income tax expense (benefit) |  |  | 4,797 |  |  |  | 887 |
Net income (loss) |  | $ | 16,964 |  |  | $ | 4,818 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | $ | 0.88 |  |  | $ | 0.28 |
Diluted |  |  | 0.88 |  |  |  | 0.28 |
Basic weighted average shares o/s |  |  | 19,295,860 |  |  |  | 17,299,927 |
Diluted weighted average shares o/s |  |  | 19,358,457 |  |  |  | 17,352,947 |
LINCO Bancshares, Inc. |
Business Acquisition [Line Items] |
Estimated Fair Values of Assets Acquired and Liabilities Assumed |
|  | Acquired |  |  | Fair Value |  |  | As Recorded by |
(In thousands) |  | Book Value |  |  | Adjustments |  |  | Providence Bank |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 130,561 |  |  | $ | — |  |  | $ | 130,561 |
Investment securities |  |  | 119,234 |  |  |  | 264 |  |  |  | 119,498 |
Loans |  |  | 838,377 |  |  |  | (9,401 | ) |  |  | 828,976 |
Allowance for credit losses |  |  | (8,656 | ) |  |  | 6,583 |  |  |  | (2,073 | )
Other real estate owned |  |  | 8,435 |  |  |  | 915 |  |  |  | 9,350 |
Premises and equipment |  |  | 23,440 |  |  |  | 6,360 |  |  |  | 29,800 |
Goodwill |  |  | 20,503 |  |  |  | (15,054 | ) |  |  | 5,449 |
Core deposit intangible |  |  | 123 |  |  |  | 2,025 |  |  |  | 2,148 |
Right of use asset |  |  | — |  |  |  | 794 |  |  |  | 794 |
Other assets |  |  | 43,697 |  |  |  | 2,499 |  |  |  | 46,196 |
Total assets acquired |  | $ | 1,175,714 |  |  | $ | (5,015 | ) |  | $ | 1,170,699 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 988,329 |  |  | $ | 2,081 |  |  | $ | 990,410 |
Securities sold under agreements to repurchase |  |  | — |  |  |  | — |  |  |  | — |
FHLB advances |  |  | 26,941 |  |  |  | 975 |  |  |  | 27,916 |
Other borrowings |  |  | — |  |  |  | — |  |  |  | — |
Lease liability |  |  | — |  |  |  | 794 |  |  |  | 794 |
Other liabilities |  |  | 4,498 |  |  |  | (610 | ) |  |  | 3,888 |
Total liabilities assumed |  |  | 1,019,768 |  |  |  | 3,240 |  |  |  | 1,023,008 |
Net assets acquired |  | $ | 155,946 |  |  | $ | (8,255 | ) |  | $ | 147,691 |
Consideration paid |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  | $ | 103,500 |
Common stock |  |  |  |  |  |  |  |  |  |  | 44,191 |
|  |  |  |  |  |  |  |  |  | $ | 147,691 |
38
Unaudited Pro Forma Condensed Combined Financial Information | The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO acquisition taken place at the beginning of the period (dollars in thousands, except per share data):
|  |  |  | Three months ended |
|  |  |  | March 31, 2021 |
Net interest income |  |  |  | $ | 38,237 |
Provision for loan losses |  |  |  |  | 12,136 |
Non-interest income |  |  |  |  | 17,749 |
Non-interest expense |  |  |  |  | 37,659 |
Income before taxes |  |  |  |  | 6,191 |
Income tax expense (benefit) |  |  |  |  | 1,078 |
Net income (loss) |  |  |  | $ | 5,113 |
Earnings per share |  |  |  |  |  |
Basic |  |  |  | $ | 0.30 |
Diluted |  |  |  |  | 0.29 |
Basic weighted average shares o/s |  |  |  |  | 17,299,927 |
Diluted weighted average shares o/s |  |  |  |  | 17,352,947 |

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