Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired

The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Community Bankers Trust as of the Acquisition Date:

Purchase price of PCD loans and leases at acquisition	$	360,638
Allowance for credit losses at acquisition		12,629
Non-credit discount at acquisition		3,559
Par value (UPB) of acquired PCD loans and leases at acquisition	$	376,826

Summary of Business Acquisitions, by Acquisition

The consideration paid for Community Bankers Trust’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows:

Purchase price:
Value of common shares issued (7,135,771 shares)	$	252,321
Fair value of stock options assumed		7,958
Cash for fractional shares		25
Total purchase price		260,304
Identifiable assets:
Cash and cash equivalents		39,445
Investment securities		395,249
Net loans and leases		1,280,016
Premises and equipment		25,857
Operating lease right-of-use asset		8,127
Core deposit intangible		3,398
Other assets		50,851
Total identifiable assets	$	1,802,943
Identifiable liabilities:
Deposits	$	1,520,243
Short-term borrowings		26,755
Long-term borrowings		51,500
Operating lease liability		8,127
Other liabilities		14,863
Total identifiable liabilities		1,621,488
Preliminary fair value of net assets acquired including identifiable intangible assets		181,455
Preliminary resulting goodwill	$	78,849

Summary of Business Acquisition, Pro Forma Information

	Proforma Six Months Ended June 30, 2021
Total Revenues (1)	$	569,847
Net Income		217,723

(1)  Represents net interest income plus other income