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Business Combinations (Tables)
12 Months Ended
Dec. 31, 2022
Delta Bancshare Company  
Business Acquisition [Line Items]  
Estimated Fair Values of Assets Acquired and Liabilities Assumed

 

 

Acquired Book

 

 

 

 

 

As Recorded by

 

 

 

Value

 

 

Adjustments

 

 

First Mid Bank

 

Assets

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

82,473

 

 

$

 

 

$

82,473

 

Investment securities

 

 

184,959

 

 

 

(2,836

)

 

 

182,123

 

Loans

 

 

426,433

 

 

 

(7,924

)

 

 

418,509

 

Allowance for loan losses

 

 

(5,388

)

 

 

4,525

 

 

 

(863

)

Premises and equipment

 

 

5,522

 

 

 

3,508

 

 

 

9,030

 

Goodwill

 

 

14

 

 

 

28,544

 

 

 

28,558

 

Core deposit intangible

 

 

 

 

 

5,920

 

 

 

5,920

 

Bank owned life insurance

 

 

15,822

 

 

 

 

 

 

15,822

 

Right of use asset

 

 

 

 

 

717

 

 

 

717

 

Other assets

 

 

9,061

 

 

 

(1,287

)

 

 

7,774

 

Total assets acquired

 

$

718,896

 

 

$

31,167

 

 

$

750,063

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

Deposits

 

$

558,619

 

 

$

1,759

 

 

$

560,378

 

Securities sold under agreements to repurchase

 

 

35,523

 

 

 

 

 

 

35,523

 

FHLB advances

 

 

45,000

 

 

 

75

 

 

 

45,075

 

Lease liability

 

 

 

 

 

717

 

 

 

717

 

Other liabilities

 

 

2,209

 

 

 

(1,161

)

 

 

1,048

 

Total liabilities assumed

 

 

641,351

 

 

 

1,390

 

 

 

642,741

 

Net assets acquired

 

$

77,545

 

 

$

29,777

 

 

$

107,322

 

Consideration paid

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

$

15,150

 

Common stock

 

 

 

 

 

 

 

 

92,172

 

Total consideration paid

 

 

 

 

 

 

 

$

107,322

 

Unaudited Pro Forma Condensed Combined Financial Information The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data):

 

 

Twelve months ended December 31,

 

 

 

2022

 

 

2021

 

Net interest income

 

$

187,075

 

 

$

147,387

 

Provision for loan losses

 

 

4,806

 

 

 

14,679

 

Non-interest income

 

 

74,799

 

 

 

53,371

 

Non-interest expense

 

 

165,062

 

 

 

132,086

 

Income before income taxes

 

 

92,006

 

 

 

53,993

 

Income tax expense

 

 

18,508

 

 

 

12,321

 

Net income available to common stockholders

 

$

73,498

 

 

$

41,672

 

Earnings per share

 

 

 

 

 

 

Basic

 

$

3.64

 

 

$

2.07

 

Diluted

 

$

3.63

 

 

$

2.07

 

Basic weighted average shares outstanding

 

 

20,169,077

 

 

 

20,111,889

 

Diluted weighted average shares outstanding

 

 

20,243,635

 

 

 

20,164,909

 

LINCO Bancshares, Inc.  
Business Acquisition [Line Items]  
Estimated Fair Values of Assets Acquired and Liabilities Assumed

 

 

Acquired Book

 

 

 

 

 

As Recorded by

 

 

 

Value

 

 

Adjustments

 

 

First Mid Bank

 

Assets

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

130,561

 

 

$

 

 

$

130,561

 

Investment securities

 

 

119,234

 

 

 

264

 

 

 

119,498

 

Loans

 

 

838,377

 

 

 

(9,401

)

 

 

828,976

 

Allowance for loan losses

 

 

(8,656

)

 

 

6,583

 

 

 

(2,073

)

Other real estate owned

 

 

8,435

 

 

 

915

 

 

 

9,350

 

Premises and equipment

 

 

23,440

 

 

 

6,360

 

 

 

29,800

 

Goodwill

 

 

20,503

 

 

 

(15,054

)

 

 

5,449

 

Core deposit intangible

 

 

123

 

 

 

2,025

 

 

 

2,148

 

Right of use asset

 

 

 

 

 

794

 

 

 

794

 

Other assets

 

 

43,697

 

 

 

2,499

 

 

 

46,196

 

Total assets acquired

 

$

1,175,714

 

 

$

(5,015

)

 

$

1,170,699

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

Deposits

 

$

988,329

 

 

$

2,081

 

 

$

990,410

 

Securities sold under agreements to repurchase

 

 

 

 

 

 

 

 

 

FHLB advances

 

 

26,941

 

 

 

975

 

 

 

27,916

 

Other borrowings

 

 

 

 

 

 

 

 

 

Lease liability

 

 

 

 

 

794

 

 

 

794

 

Other liabilities

 

 

4,498

 

 

 

(610

)

 

 

3,888

 

Total liabilities assumed

 

 

1,019,768

 

 

 

3,240

 

 

 

1,023,008

 

Net assets acquired

 

$

155,946

 

 

$

(8,255

)

 

$

147,691

 

Consideration paid

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

$

103,500

 

Common stock

 

 

 

 

 

 

 

 

44,191

 

Total consideration paid

 

 

 

 

 

 

 

$

147,691

 

Unaudited Pro Forma Condensed Combined Financial Information

The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO Merger taken place at the beginning of the period (dollars in thousands, except per share data):

 

 

 

Twelve months ended December 31,

 

 

 

2021

 

 

2020

 

Net interest income

 

$

173,676

 

 

$

169,430

 

Provision for loan losses

 

 

15,351

 

 

 

18,242

 

Non-interest income

 

 

70,879

 

 

 

66,228

 

Non-interest expense

 

 

159,778

 

 

 

152,596

 

Income before income taxes

 

 

69,426

 

 

 

64,820

 

Income tax expense

 

 

15,994

 

 

 

15,944

 

Net income available to common stockholders

 

$

53,432

 

 

$

48,876

 

Earnings per share

 

 

 

 

 

 

Basic

 

$

2.99

 

 

$

2.72

 

Diluted

 

$

2.98

 

 

$

2.71

 

Basic weighted average shares outstanding

 

 

17,886,998

 

 

 

17,979,126

 

Diluted weighted average shares outstanding

 

 

17,979,007

 

 

 

18,025,102