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

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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- References

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X

- 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

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