MERGERS AND ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Amounts Recorded on Consolidated Balance Sheets in Conjunction with Acquisition

The merger was accounted for in accordance with the acquisition method of accounting. Preliminary fair values for all assets and liabilities are presented below. Determining the fair value of assets and liabilities is a complex process involving significant judgment regarding estimates and assumptions used to calculate fair values. Accordingly, the initial accounting for the merger is not complete.

TABLE 3.1

(in millions)	Howard
Fair value of consideration paid	$	443
Fair value of identifiable assets acquired:
Cash and cash equivalents	75
Securities	321
Loans	1,780
Core deposit and other intangible assets	19
Fixed and other assets	160
Total identifiable assets acquired	2,355
Fair value of liabilities assumed:
Deposits	1,831
Borrowings	247
Other liabilities	7
Total liabilities assumed	2,085
Fair value of net identifiable assets acquired	270
Goodwill recognized	$	173