Business Combinations (Tables) - Delta Bancshare Company

3 Months Ended

Mar. 31, 2023

Business Acquisition [Line Items]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

	Acquired			Fair Value			As Recorded by
(In thousands)	Book Value			Adjustments			Jefferson 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 credit 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
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
							$	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):

	Three months ended
	March 31, 2022
Net interest income	$	44,200
Provision for loan losses		2,952
Non-interest income		21,088
Non-interest expense		40,575
Income before taxes		21,761
Income tax expense		4,797
Net income	$	16,964
Earnings per share
Basic	$	0.88
Diluted		0.88
Basic weighted average shares o/s		19,295,860
Diluted weighted average shares o/s		19,358,457