ACQUISITION OF REVERE BANK (Tables)

3 Months Ended

Mar. 31, 2021

Provisional fair values of acquired identifiable assets and liabilities assumed

The consideration paid for Revere’s common equity and outstanding stock options and the provisional fair values of acquired identifiable assets and assumed identifiable liabilities as of March 31, 2021 were as follows:


(Dollars in thousands, except per share data)	March 31, 2021
Purchase price:
Fair value of common shares issued (12,768,949 shares) based on Sandy Spring's share price of $22.64	$	289,089
Fair value of Revere stock options converted to Sandy Spring stock options	3,611
Cash paid for cashed-out Revere stock options	291
Cash for fractional shares	11
Total purchase price	$	293,002

Identifiable assets:
Cash and cash equivalents	$	80,744
Investments available-for-sale	180,752
Loans	2,502,244
Premises and equipment	3,443
Accrued interest receivable	7,651
Core deposit intangible asset	18,360
Other assets	53,162
Total identifiable assets	$	2,846,356

Identifiable liabilities:
Deposits	$	2,322,422
Borrowings	205,514
Other liabilities	25,933
Total identifiable liabilities	$	2,553,869

Fair value of net assets acquired including identifiable intangible assets	292,487
Goodwill	$	515