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Business Combinations (Tables)
 12 Months Ended
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