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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Acquisition [Line Items] |
Summary of Purchased Credit Deteriorated (PCD) Loans | During 2023, the Company acquired loans from Blackhawk Bank, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands):
|  | 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] |
Estimated Fair Values 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 |  |  | 20,703 |
Core deposit intangible |  |  | 34,590 |
Income tax receivable |  |  | 2,077 |
Deferred tax asset |  |  | 22,152 |
Mortgage servicing rights |  |  | 7,070 |
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 |
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 |
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):
|  | Twelve months ended December 31, |
|  | 2023 |  |  | 2022 |
Net interest income |  | $ | 229,317 |  |  | $ | 239,748 |
Provision for credit losses |  |  | 7,320 |  |  |  | 3,856 |
Non-interest income |  |  | 95,660 |  |  |  | 89,575 |
Non-interest expense |  |  | 223,354 |  |  |  | 219,646 |
Income before income taxes |  |  | 94,303 |  |  |  | 105,821 |
Income tax expense |  |  | 20,744 |  |  |  | 21,297 |
Net income available to common stockholders |  | $ | 73,559 |  |  | $ | 84,524 |
Earnings per share |  |  |  |  |  |
Basic |  | $ | 3.38 |  |  | $ | 3.60 |
Diluted |  | $ | 3.36 |  |  | $ | 3.59 |
Basic weighted average shares outstanding |  |  | 21,780,217 |  |  |  | 24,459,299 |
Diluted weighted average shares outstanding |  |  | 21,868,788 |  |  |  | 23,533,857 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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