Acquisitions (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Business Combinations [Abstract] |
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Schedule of Preliminary Valuations of the Fair Value of Assets Acquired and Liabilities Assumed |
| | | | | | | | Fair Value | Cash and cash equivalents | | $ | 6,016 |
| Interest-bearing time deposits | | 248,212 |
| Investment securities | | 4,078 |
| Loans held for sale | | 594 |
| Loans | | 725,382 |
| Premises and equipment | | 10,107 |
| Federal Home Loan Bank stock | | 4,810 |
| Interest receivable | | 3,445 |
| Cash surrender value of life insurance | | 26,964 |
| Other assets | | 11,780 |
| Deposits | | (862,271 | ) | Securities sold under repurchase agreements | | (17,915 | ) | Federal Home Loan Bank Advances | | (47,575 | ) | Subordinated debentures | | (10,583 | ) | Interest payable | | (1,005 | ) | Other liabilities | | (14,472 | ) | Net tangible assets acquired | | 87,567 |
| Other Intangible assets | | 17,403 |
| Goodwill | | 153,636 |
| Purchase price | | $ | 258,606 |
|
| | | | | | | | Fair Value | Cash and cash equivalents | | $ | 48,532 |
| Interest-bearing time deposits | | 292 |
| Loans held for sale | | 7,626 |
| Loans | | 224,680 |
| Premises and equipment | | 1,986 |
| Federal Home Loan Bank stock | | 1,091 |
| Interest receivable | | 653 |
| Other assets | | 1,620 |
| Deposits | | (252,783 | ) | Interest payable | | (244 | ) | Other liabilities | | (3,106 | ) | Net tangible assets acquired | | 30,347 |
| Core deposit intangible | | 4,526 |
| Goodwill | | 47,719 |
| Purchase price | | $ | 82,592 |
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Schedule of Acquired Loan Data |
Acquired loan data for Arlington Bank can be found in the table below: | | | | | | | | | | | | | | Fair Value of Acquired Loans at Acquisition Date | | Gross Contractual Amounts Receivable at Acquisition Date | | Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | Acquired receivables subject to ASC 310-30 | $ | 2,625 |
| | $ | 6,183 |
| | $ | 2,891 |
| Acquired receivables not subject to ASC 310-30 | $ | 222,055 |
| | $ | 308,857 |
| | $ | 2,741 |
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Acquired loan data for IAB can be found in the table below: | | | | | | | | | | | | | | Fair Value of Acquired Loans at Acquisition Date | | Gross Contractual Amounts Receivable at Acquisition Date | | Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | Acquired receivables subject to ASC 310-30 | $ | 4,838 |
| | $ | 14,131 |
| | $ | 8,352 |
| Acquired receivables not subject to ASC 310-30 | $ | 720,544 |
| | $ | 864,613 |
| | $ | 9,786 |
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The following table presents loans acquired during the period ending December 31, 2017, for which it was probable at acquisition that all contractually required payments would not be collected. There were no loans acquired during the period ending December 31, 2016. | | | | | | | | | | | | |
| 2017 |
| IAB |
| Arlington Bank |
| Total | Contractually required payments receivable at acquisition date | $ | 14,131 |
|
| $ | 6,183 |
|
| $ | 20,314 |
| Nonaccretable difference | 8,352 |
|
| 2,891 |
|
| 11,243 |
| Expected cash flows at acquisition date | 5,779 |
|
| 3,292 |
|
| 9,071 |
| Accretable difference | 941 |
|
| 667 |
|
| 1,608 |
| Basis in loans at acquisition date | $ | 4,838 |
|
| $ | 2,625 |
|
| $ | 7,463 |
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Schedule of Pro Forma Information from Acquisition |
The following schedule includes pro forma results for the year ended December 31, 2017 and 2016, as if the Arlington Bank and IAB acquisitions occurred as of the beginning of the periods presented.
| | | | | | | | | | 2017 | | 2016 | Total revenue (net interest income plus other income) | $ | 380,324 |
| | $ | 353,732 |
| Net income | $ | 95,009 |
| | $ | 95,288 |
| Net income available to common shareholders |
| |
| Earnings per share: | | | | Basic | $ | 1.94 |
| | $ | 1.95 |
| Diluted | $ | 1.93 |
| | $ | 1.94 |
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