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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Allocation of the Purchase Price | Estimated fair values of the assets acquired and liabilities assumed in the Brunswick Acquisition as of the closing date are as follows:
(In thousands) |
Assets acquired: |
Cash and cash equivalents | $ | 21,029 |
Federal funds sold | 7,604 |
Investment securities | 2,423 |
Loans | 324,471 |
Goodwill | 12,800 |
Core deposit intangible | 999 |
Premises and equipment | 4,568 |
Cash surrender value of life insurance | 3,361 |
Deferred income taxes | 6,393 |
Accrued interest receivable | 1,171 |
Other assets | 5,884 |
Total assets acquired | 390,703 |
Liabilities assumed: |
Deposits: |
Noninterest-bearing demand | 60,888 |
Interest-bearing demand | 11,767 |
Money Market | 47,362 |
Savings | 14,203 |
Time | 147,163 |
Long-term debt | 60,136 |
Accrued interest payable | 1,911 |
Other liabilities | 1,613 |
Total liabilities assumed | 345,043 |
Consideration paid | $ | 45,660 |
Cash paid | $ | 27,565 |
Fair value of common stock issued | 18,095 |
Pro Forma Information | The following table presents pro forma information as if the merger between Mid Penn and Brunswick had been completed on January 1, 2021. The pro forma information does not necessarily reflect the results of operations that would have occurred had Mid Penn merged with Brunswick at the beginning of 2021. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies, or other factors.
| For the Year Ended December 31,
(In thousands, except per share data) | 2022 |  | 2021
Net interest income after loan loss provision | $ | 156,258 |  |  | $ | 117,015 |
Noninterest income | 24,834 |  |  | 23,327 |
Noninterest expense | 108,481 |  |  | 99,581 |
Net income | 58,659 |  |  | 32,686 |
Net income per common share | 3.69 |  |  | 2.05 |

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