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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2023
Pro Forma Information | The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective on the assumed date.
(In thousands of dollars except per share results) | For Three Months Ended March 31, 2022 |
Net interest income | $ | 41,347 |
Provision for credit losses |  | 7,255 |
Noninterest income |  | 18,705 |
Noninterest expense |  | 41,413 |
Income before income taxes |  | 11,384 |
Income tax expense |  | 2,286 |
Net income | $ | 9,098 |
Basic earnings per share | $ | 0.24 |
Diluted earnings per share | $ | 0.24 |
Emclaire Financial Corp |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Emclaire and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition.
(In Thousands of Dollars) |  |
Consideration |  |
Cash | $ | 33,440 |
Stock |  | 59,202 |
Fair value of total consideration transferred | $ | 92,642 |
Fair value of assets acquired |  |
Cash and cash equivalents | $ | 20,265 |
Securities available for sale |  | 126,970 |
Other investments |  | 7,795 |
Loans, net |  | 740,659 |
Premises and equipment |  | 16,103 |
Bank owned life insurance |  | 22,485 |
Core deposit intangible |  | 19,249 |
Current and deferred taxes |  | 17,246 |
Other assets |  | 6,387 |
Total assets acquired |  | 977,159 |
Fair value of liabilities assumed |  |
Deposits |  | 875,813 |
Short-term borrowings |  | 75,000 |
Accrued interest payable and other liabilities |  | 7,104 |
Total liabilities |  | 957,917 |
Net assets acquired | $ | 19,242 |
Goodwill created |  | 73,400 |
Total net assets acquired | $ | 92,642 |
The fair value of net assets acquired includes fair value adjustments to certain receivables that were considered performing as of the acquisition date. The fair value adjustments were determined using the income method, discounted cash flow approach. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered purchase credit deteriorated ("PCD") at the acquisition date and were not subject to the guidance relating to PCD loans. Receivables acquired that were not subject to these requirements had a fair value and gross contractual amounts receivable of $714.4 million and $764.8 million on the date of acquisition. The fair value of purchased financial assets that were classified as PCD loans are discussed in the loan footnote.

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