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BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [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 holders16 
Value of consideration908,032 
Assets acquired:
Cash and due from banks573,761 
Investment securities500,400 
Loans and leases3,456,748 
Premises and equipment44,842 
Deferred income taxes6,563 
Bank owned life insurance67,525 
Intangible assets73,065 
Other assets153,592 
Total assets4,876,496 
Liabilities assumed:
Deposits4,110,122 
Other borrowings145,512 
Other liabilities124,552 
Noncontrolling interest(913)
Total liabilities and noncontrolling interest4,379,273 
Net assets acquired:497,223 
Goodwill resulting from acquisition of BMBC$410,809 
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 BalanceFair Value
Commercial and industrial$613,197 $586,643 
Owner-occupied commercial513,267 503,182 
Commercial mortgages1,564,234 1,549,515 
Construction209,928 208,288 
Commercial small business leases125,770 119,119 
Residential
310,092 315,454 
Consumer178,247 174,547 
    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 Changes to Goodwill Subsequent to Acquisition
The following table details the changes to goodwill recorded subsequent to acquisition:
(Dollars in thousands)Fair Value
Goodwill resulting from the acquisition of BMBC reported as of March 31, 2022$414,337 
Effects of adjustments to:
Deferred income taxes1,870 
Intangibles1,500 
Deposits(149)
Other liabilities1,352 
Effect of sale of BMTIA business(8,101)
Goodwill resulting from the acquisition of BMBC as of September 30, 2022$410,809 
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 September 30,Nine months ended September 30,
(dollars in thousands)20222022
Salaries, benefits and other compensation$112 $12,370 
Occupancy expense(2,211)9,149 
Equipment expense1,278 20,969 
Professional fees899 12,781 
Data processing and operations expenses1 100 
Marketing expense41 3,014 
Other operating expense, net2,472 6,088 
Total corporate development and restructuring expenses$2,592 $64,471 
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 September 30,Nine months ended September 30,
(dollars in thousands, except share and per share data)20212021
Net interest income$137,632 $426,118 
Provision for credit losses(1,410)(120,906)
Net interest income after provision for credit losses139,042 547,024 
Total noninterest income65,200 202,847 
Total noninterest expenses134,514 398,107 
Income before income taxes69,728 351,764 
Income tax provision17,626 87,242 
Net income$52,102 $264,522 
Per share data:
Weighted-average basic shares outstanding65,443,945 65,430,218 
Dilutive shares282,516 297,071 
Adjusted weighted-average diluted shares65,726,461 65,272,289 
Basic earnings per common share$0.80 $4.04 
Diluted earnings per common share$0.79 $4.03