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Business Combinations (Tables)

9 Months Ended

Sep. 30, 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				28,227				28,241
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				(970	)			8,091
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

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 September 30, 2022				Three months ended September 30, 2021				Nine months ended September 30, 2022				Nine months ended September 30, 2021
Net interest income		$	48,257			$	51,270			$	141,524			$	142,082
Provision for loan losses			142				1,253				4,001				16,979
Non-interest income			16,791				16,595				56,592				53,139
Non-interest expense			41,549				39,408				125,690				129,253
Income before taxes			23,357				27,204				68,425				48,989
Income tax expense			5,418				6,767				15,480				11,138
Net income		$	17,939			$	20,437			$	52,945			$	37,851
Earnings per share
Basic		$	0.88			$	1.00			$	2.64			$	1.88
Diluted			0.88				1.00				2.63				1.88
Basic weighted average shares o/s			20,454,669				20,375,396				20,070,687				20,111,889
Diluted weighted average shares o/s			20,535,215				20,428,416				20,145,435				20,164,909

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

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):

		Nine months ended September 30, 2021
Net interest income		$	131,713
Provision for loan losses			12,879
Non-interest income			53,504
Non-interest expense			124,133
Income before taxes			48,205
Income tax expense			11,052
Net income		$	37,153
Earnings per share
Basic		$	2.08
Diluted			2.08
Basic weighted average shares o/s			17,819,619
Diluted weighted average shares o/s			17,872,639

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