Acquisition (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of preliminary valuations of the fair value of assets acquired and liabilities assumed

Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change based on the timing of the transaction, the purchase price for the MBT acquisition is detailed in the following table. If, prior to the end of the one-year measurement period for finalizing the purchase price allocation, information becomes available about facts and circumstances that existed as of the acquisition date, which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively.



	Fair Value
Cash and cash equivalents	$	10,222
Interest-bearing time deposits	281,228
Investment securities	212,235
Loans	731,260
Premises and equipment	21,664
Federal Home Loan Bank stock	4,148
Interest receivable	3,361
Cash surrender value of life insurance	59,545
Tax asset, deferred and receivable	4,970
Other assets	7,737
Deposits	(1,105,926		)
Securities sold under repurchase agreements	(94,760		)
Federal Home Loan Bank advances	(10,853		)
Other liabilities	(9,261		)
Net tangible assets acquired	115,570
Core deposit intangible	16,527
Goodwill	97,844
Purchase price	$	229,941

Schedule of acquired loan data

Acquired loan data for MBT is included in the following table:



	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	$	3,531	$	6,840	$	2,733
Acquired receivables not subject to ASC 310-30	$	727,729	$	907,210	$	14,506

Schedule of pro forma financial information

The results of operations of MBT have been included in the Corporation's consolidated financial statements since the acquisition date. The following schedules includes pro forma results for the three months and nine months ended September 30, 2019 and the annual period ended December 31, 2018, as if the MBT acquisition occurred as of the beginning of the periods presented.



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Total revenue (net interest income plus other income)	$	120,606	$	351,121
Net income available to common shareholders	$	30,835	$	110,958
Earnings per share:
Basic	$	0.55	$	1.98
Diluted	$	0.54	$	1.97


			Year Ended December 31, 2018
Total revenue (net interest income plus other income)			$	474,842
Net income available to common shareholders			$	174,900
Earnings per share:
Basic			$	3.13
Diluted			$	3.12