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Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2024
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

 

 
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 Junior 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

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

Net interest income

 

$

42,367

 

 

$

56,502

 

Provision for credit losses

 

 

458

 

 

 

924

 

Non-interest income

 

 

19,486

 

 

 

23,024

 

Non-interest expense

 

 

40,042

 

 

 

53,785

 

Income before taxes

 

 

21,353

 

 

 

24,817

 

Income tax expense

 

 

4,786

 

 

 

5,641

 

Net income

 

$

16,567

 

 

$

19,176

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

Basic

 

$

0.81

 

 

$

0.81

 

Diluted

 

$

0.80

 

 

$

0.80

 

 

 

 

 

 

 

Basic weighted average shares o/s

 

 

20,528,717

 

 

 

23,818,939

 

Diluted weighted average shares o/s

 

 

20,628,239

 

 

 

23,918,461