Acquisition and Divestiture Activity (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Business Acquisition

The following table presents the preliminary valuation of the assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date:

(dollars and shares in thousands)	February 15, 2022
Assets
Cash and cash equivalents	$	1,912,629
Investment securities	3,526,278
FHLB/Federal Reserve Bank stock	106,097
Loans held for sale	13,809
Loans, net of allowance for credit losses	14,298,873
Premises and equipment	111,867
Operating lease right-of-use assets	129,698
Accrued interest receivable	53,502
Goodwill	965,605
Other intangible assets	117,584
Company-owned life insurance	301,025
Other assets	315,241
Total assets	$	21,852,208
Liabilities
Deposits	$	17,249,404
Securities sold under agreements to repurchase	135,194
Federal Home Loan Bank advances	1,158,623
Other borrowings	274,569
Accrued expenses and other liabilities	344,236
Total liabilities	$	19,162,026
Fair value of consideration
Preferred stock	$	243,870
Common stock (129,365 shares issued at $18.92 per share)	2,446,312
Total consideration	$	2,690,182

Schedule of Pro Forma Information

The following table presents supplemental unaudited pro-forma financial information as if the First Midwest merger had occurred on January 1, 2021. The pro-forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective as of this assumed date.

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2022		2021		2022		2021
Total revenues (1)	$	456,974	$	396,463	$	1,255,909	$	1,182,767
Income before income taxes	201,783		141,005		466,651		268,884

(1)    Includes net interest income and total noninterest income.