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Business Combinations (Tables)

9 Months Ended

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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