BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Schedule of Business Acquisitions

The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed:

(Dollars in thousands)
Consideration Transferred:	Fair Value
Common shares issued (18,116,848)	$	908,016
Cash paid to BMBC stock and option holders	16
Value of consideration	908,032
Assets acquired:
Cash and due from banks	573,761
Investment securities	500,400
Loans and leases	3,456,748
Premises and equipment	44,842
Deferred income taxes	8,433
Bank owned life insurance	67,525
Intangible assets	74,565
Other assets	145,491
Total assets	4,871,765
Liabilities assumed:
Deposits	4,110,271
Other borrowings	145,512
Other liabilities	123,200
Noncontrolling interest	(913)
Total liabilities and noncontrolling interest	4,378,070
Net assets acquired:	493,695
Goodwill resulting from acquisition of BMBC	$	414,337

The table below presents information with respect to the fair value and unpaid principal balance of acquired loans and leases at the acquisition date.

	January 1, 2022
(Dollars in thousands)	Book Balance		Fair Value
Commercial and industrial	$	613,197	$	586,643
Owner-occupied commercial	513,267		503,182
Commercial mortgages	1,564,234		1,549,515
Construction	209,928		208,288
Commercial small business leases	125,770		119,119
Residential	310,092		315,454
Consumer	178,247		174,547
Total acquired loans and leases	$	3,514,735	$	3,456,748

The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:

(Dollars in thousands)	January 1, 2022
Book balance of loans at acquisition	$	235,791
Allowance for credit losses at acquisition	(26,103)
Non-credit related discount	(1,421)
Total purchase credit deteriorated (PCD) loans acquired	$	208,267

Schedule of Business Acquisition, Pro Forma Information

The pro forma income statement adjustments are limited to the effects of fair value mark amortization and accretion and intangible asset amortization. No cost savings or additional merger expenses have been included in the pro forma results of operations.

	Three Months Ended March 31,
(dollars in thousands, except share and per share data)	2021
Net interest income	$	149,613
Provision for loan and lease losses	(1,634)
Net interest income after provision for loan and lease losses	151,247
Total noninterest income	67,663
Total noninterest expenses	133,856
Income before income taxes	85,054
Income tax expense	20,454
Net income	$	64,600
Per share data:
Weighted-average basic shares outstanding	65,426,291
Dilutive shares	411,480
Adjusted weighted-average diluted shares	65,837,770
Basic earnings per common share	$	0.99
Diluted earnings per common share	$	0.98

Schedule of Corporate Development and Restructuring Expenses

The following table details the costs identified and classified as corporate development and restructuring expenses, which are primarily related to the BMBC Merger:

	Three Months Ended March 31,
(dollars in thousands)	2022
Salaries, benefits and other compensation	$	10,043
Occupancy expense	10,239
Equipment expense	16,586
Professional fees	8,776
Data processing and operations expenses	29
Marketing expense	1,043
Other operating expense	4,836
Total corporate development and restructuring expenses	$	51,552