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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Acquisition [Line Items] |
Summary of Purchased Credit Deteriorated (PCD) Loans | The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition date is as follows (in thousands):
|  | 2023 |
|  | Blackhawk Acquisition |
Purchase price of purchase credit deteriorated loans at acquisition |  | $ | 115,250 |
Allowance for credit losses at acquisition |  |  | (3,791 | )
Non-credit discount/(premium) at acquisition |  |  | (5,476 | )
Fair value of purchased credit deteriorated loans at acquisition |  | $ | 105,983 |
|  | 2022 |
|  | Delta Acquisition |
Purchase price of purchase credit deteriorated loans at acquisition |  | $ | 18,796 |
Allowance for credit losses at acquisition |  |  | (863 | )
Non-credit discount/(premium) at acquisition |  |  | (523 | )
Fair value of purchased credit deteriorated loans at acquisition |  | $ | 17,410 |
Blackhawk Bancorp, Inc |
Business Acquisition [Line Items] |
Summary of Consideration Transferred | The following table presents a summary of consideration transferred:
(In thousands, except shares) |  |  |
Common stock issued (3,290,222 shares) |  | $ | 93,508 |
Cash consideration |  |  | 2 |
Purchase price |  | $ | 93,510 |
Summary of Purchased Credit Deteriorated (PCD) Loans | The following table provides a summary of PCD loans purchased as part of the Blackhawk acquisition as of the acquisition date:
(In thousands) |  |  |
Unpaid principal balance |  | $ | 115,250 |
PCD allowance for credit losses at acquisition |  | $ | (3,791 | )
Non-credit discount on acquired loans |  | $ | (5,476 | )
Fair value of PCD loans |  | $ | 105,983 |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | A preliminary summary of the fair value of assets received and liabilities assumed are as follows:
(In thousands) |  |  |
Assets |  |  |
Cash and due from banks |  | $ | 55,600 |
Loans held for sale |  |  | 3,222 |
Loans, net |  |  | 722,866 |
Investments-available for sale |  |  | 377,969 |
Short-term investments |  |  | 869 |
FHLB stock |  |  | 1,737 |
Premises and equipment |  |  | 12,366 |
Accrued interest receivable |  |  | 4,029 |
Prepaid expenses |  |  | 1,182 |
Other assets |  |  | 20,742 |
Core deposit intangible |  |  | 34,590 |
Income tax receivable |  |  | 2,077 |
Deferred tax asset |  |  | 22,152 |
Mortgage servicing rights |  |  | 7,031 |
Total assets acquired |  | $ | 1,266,432 |
Liabilities |  |  |
Deposits |  | $ | 1,194,972 |
Subordinated and jr. subordinated debt |  |  | 16,448 |
Accrued interest payable |  |  | 1,091 |
Accrued and other liabilities |  |  | 10,508 |
Total liabilities assumed |  |  | 1,223,019 |
Net assets acquired |  | $ | 43,413 |
Total consideration |  | $ | 93,510 |
Goodwill |  | $ | 50,097 |
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 Blackhawk Merger taken place at the beginning of the period (dollars in thousands, except per share data):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net interest income |  | $ | 57,245 |  |  | $ | 52,141 |  |  | $ | 171,635 |  |  | $ | 179,040 |
Provision for loan losses |  |  | 6,246 |  |  |  | 1,742 |  |  |  | 6,768 |  |  |  | 2,601 |
Non-interest income |  |  | 25,205 |  |  |  | 16,712 |  |  |  | 73,892 |  |  |  | 67,954 |
Non-interest expense |  |  | 60,741 |  |  |  | 44,476 |  |  |  | 166,430 |  |  |  | 162,943 |
Income before taxes |  |  | 15,463 |  |  |  | 22,635 |  |  |  | 72,329 |  |  |  | 81,450 |
Income tax expense |  |  | 3,830 |  |  |  | 5,191 |  |  |  | 17,069 |  |  |  | 18,662 |
Net income |  | $ | 11,633 |  |  | $ | 17,444 |  |  | $ | 55,260 |  |  | $ | 62,788 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.52 |  |  | $ | 0.73 |  |  | $ | 2.62 |  |  | $ | 2.69 |
Diluted |  |  | 0.52 |  |  |  | 0.73 |  |  |  | 2.61 |  |  |  | 2.68 |
Basic weighted average shares o/s |  |  | 22,220,438 |  |  |  | 23,744,891 |  |  |  | 21,086,802 |  |  |  | 23,360,909 |
Diluted weighted average shares o/s |  |  | 22,319,334 |  |  |  | 23,825,437 |  |  |  | 21,176,946 |  |  |  | 23,435,657 |
Delta Bancshare Company |
Business Acquisition [Line Items] |
Summary of Fair Value 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 |  |  |  | 28,544 |  |  |  | 28,558 |
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 |  |  |  | (1,287 | ) |  |  | 7,774 |
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):
|  | Nine months ended |
|  | September 30, 2022 |
Net interest income |  | $ | 141,524 |
Provision for loan losses |  |  | 4,001 |
Non-interest income |  |  | 56,592 |
Non-interest expense |  |  | 125,690 |
Income before taxes |  |  | 68,425 |
Income tax expense |  |  | 15,480 |
Net income |  | $ | 52,945 |
Earnings per share |  |  |
Basic |  | $ | 2.64 |
Diluted |  |  | 2.63 |
Basic weighted average shares o/s |  |  | 20,070,687 |
Diluted weighted average shares o/s |  |  | 20,145,435 |

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