Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Purchase Price of Assets Acquired and Liabilities Assumed

Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the preliminary purchase price for the Salin acquisition is detailed in the following table.


Assets
Cash and due from banks	$	152,745
Investment securities, available for sale		54,319
Loans
Commercial		352,798

Residential mortgage		131,008
Consumer		85,112

Total loans		568,918
Premises and equipment, net		19,700
FRB and FHLB stock		3,571
Goodwill		31,232
Core deposit intangible		19,818
Interest receivable		2,488
Other assets		111,651

Total assets purchased	$	964,442

Common shares issued	$	102,722
Cash paid		24,000

Total purchase price	$	126,722


Liabilities
Deposits
Non-interest bearing	$	188,744
NOW accounts		207,567
Savings and money market		274,504
Certificates of deposit		70,535

Total deposits		741,350
Borrowings		70,495
Subordinated debentures		18,259
Interest payable		826
Other liabilities		6,790

Total liabilities assumed	$	837,720

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details an estimate of the acquired loans that are accounted for in accordance with ASC

310-30

as of March 26, 2019. Final valuation estimates have not yet been determined for acquired loans as of June 30, 2019. If information becomes available which would indicate adjustments to the purchase price allocation, such adjustments would be made prospectively.


Contractually required principal and interest at acquisition	$	22,672
Contractual cash flows not expected to be collected (nonaccretable differences)		6,694

Expected cash flows at acquisition		15,978
Interest component of expected cash flows (accretable discount)		735

Fair value of acquired loans accounted for under ASC 310-30	$	15,243

Pro Forma Result of Comparable Prior Reporting Period

The following schedule includes

pro-forma

results for the three and six months ended June 30, 2019 and 2018 as if the Salin acquisition had occurred as of the beginning of the comparable prior reporting periods.


	Three Months Ended				Six Months Ended
	June 30		June 30		June 30
	2019		2018		2019		2018
Summary of Operations:
Net Interest Income	$	41,529	$	41,066	$	83,711	$	81,685
Provision for Loan Losses		896		835		1,560		2,002

Net Interest Income after Provision for Loan Losses		40,633		40,231		82,151		79,683
Non-interest Income		10,898		10,842		20,024		20,841
Non-interest Expense		31,584		32,410		73,736		65,579

Income before Income Taxes		19,947		18,663		28,439		34,945
Income Tax Expense		3,305		2,733		5,322		5,198

Net Income		16,642		15,930		23,117		29,747

Net Income Available to Common Shareholders	$	16,642	$	15,930	$	23,117	$	29,747

Basic Earnings per Share	$	0.37	$	0.42	$	0.51	$	0.78
Diluted Earnings per Share	$	0.37	$	0.41	$	0.51	$	0.77