Acquisitions (Tables)

9 Months Ended

Sep. 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		20,425
FRB and FHLB stock		3,571
Goodwill		31,358
Core deposit intangible		19,818
Interest receivable		2,488
Other assets		112,880

Total assets purchased	$	966,522

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		70,529

Total deposits		741,344
Borrowings		70,495
Subordinated debentures		18,376
Interest payable		826
Other liabilities		8,759

Total liabilities assumed	$	839,800

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

September

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 nine months ended September 30, 2019 and 2018 as if the Salin acquisition had occurred as of the beginning of the comparable prior reporting periods.


	Three Months Ended				Nine Months Ended
	September 30		September 30		September 30
	2019		2018		2019		2018
Summary of Operations:
Net Interest Income	$	43,463	$	41,673	$	127,174	$	123,358
Provision for Loan Losses		376		1,176		1,936		3,178

Net Interest Income after Provision for Loan Losses		43,087		40,497		125,238		120,180
Non-interest Income		11,514		10,600		31,538		31,441
Non-interest Expense		30,060		32,978		103,796		98,557

Income before Income Taxes		24,541		18,119		52,980		53,064
Income Tax Expense		4,004		2,540		9,326		7,738

Net Income		20,537		15,579		43,654		45,326

Net Income Available to Common Shareholders	$	20,537	$	15,579	$	43,654	$	45,326

Basic Earnings per Share	$	0.46	$	0.41	$	0.97	$	1.18
Diluted Earnings per Share	$	0.46	$	0.40	$	0.97	$	1.18