v3.22.1

ACQUISITIONS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
ACQUISITIONS |
Schedule of Assets Acquired and Liabilities Assumed | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | TGRF Book |  | Fair Value |  | ​ | ​
(dollars in thousands) | ​ | Value | ​ | Adjustments | ​ | Fair Value
Assets Acquired: |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 1,145,335 | ​ | $ | 5 | ​ | $ | 1,145,340
Securities AFS | ​ |  | 147,739 | ​ |  | 109 | ​ |  | 147,848
Securities held-to-maturity | ​ | ​ | 71,790 | ​ | ​ | 2,115 | ​ | ​ | 73,905
Loans, net of deferred fees | ​ |  | 1,045,193 | ​ |  | (5,387) | ​ |  | 1,039,806
Investment in FHLB stock | ​ |  | 4,510 | ​ |  | — | ​ |  | 4,510
Premises and equipment, net | ​ |  | 34,199 | ​ |  | (4,180) | ​ |  | 30,019
Goodwill and intangibles | ​ |  | 181 | ​ |  | 129,850 | ​ |  | 130,031
Bank owned life insurance | ​ |  | 46,163 | ​ |  | — | ​ |  | 46,163
Deferred taxes | ​ |  | 3,414 | ​ |  | 738 | ​ |  | 4,152
Other assets | ​ |  | 13,562 | ​ |  | (298) | ​ |  | 13,264
Total assets acquired | ​ | $ | 2,512,086 | ​ | $ | 122,952 | ​ | $ | 2,635,038
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities Assumed: | ​ |  |  | ​ |  |  | ​ |  |
Deposits | ​ | $ | 2,170,676 | ​ | $ | 313 | ​ | $ | 2,170,989
Borrowings | ​ |  | 177,114 | ​ |  | 1,929 | ​ |  | 179,043
Accounts payable and other liabilities | ​ |  | 7,386 | ​ |  | 182 | ​ |  | 7,568
Total liabilities assumed | ​ |  | 2,355,176 | ​ |  | 2,424 | ​ |  | 2,357,600
Excess of assets acquired over liabilities assumed | ​ |  | 156,910 | ​ |  | 120,528 | ​ |  | 277,438
Total | ​ | $ | 2,512,086 | ​ | $ | 122,952 | ​ | $ | 2,635,038
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consideration: | ​ |  |  | ​ |  |  | ​ |  |
Stock issued | ​ |  |  | ​ |  |  | ​ | $ | 283,011
Cash paid | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10
Total consideration (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 283,021
​
(1) | The difference between total consideration and the excess of assets acquired over liabilities assumed relates to the recognition of a credit loss reserve for non-PCD loans of $5.6 million, which is recognized as an expense in the consolidated income statement on the acquisition date.
Pro Forma Summarized Income Statement Data | ​
​ | ​ | ​ | ​
​ | ​ | Three Months
​ | ​ | Ended March 31,
(dollars in thousands) |  | 2021
Net interest income | ​ | $ | 68,481
Provision for credit losses |  | ​ | 5,943
Noninterest income |  | ​ | 13,012
Noninterest expenses |  | ​ | 58,190
Income before taxes |  | ​ | 17,360
Taxes on income |  | ​ | 4,645
Net income | ​ | $ | 12,715
​ | ​ | ​ | ​
Net income per share: | ​ |  |
Basic | ​ | $ | 0.23
Diluted | ​ | $ | 0.23

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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