Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Fair Value of Assets Acquired and Liabilities Assumed

A summary, at fair value, of the assets acquired and liabilities assumed in the Reliance transaction, as of the acquisition date, is as follows:

(In thousands)	Acquired from Reliance			Fair Value Adjustments			Fair Value
Assets Acquired
Cash and due from banks	$	25,693		$	—		$	25,693
Due from banks - time	502			—			502
Investment securities	287,983			(1,873		)	286,110
Loans acquired	1,138,527			(41,657		)	1,096,870
Allowance for loan losses	(10,808		)	10,808			—
Foreclosed assets	11,092			(5,180		)	5,912
Premises and equipment	32,452			(3,001		)	29,451
Bank owned life insurance	39,348			—			39,348
Core deposit intangible	—			18,350			18,350
Other assets	25,165			6,911			32,076
Total assets acquired	$	1,549,954		$	(15,642	)	$	1,534,312

(In thousands)	Acquired from Reliance		Fair Value Adjustments			Fair Value
Liabilities Assumed
Deposits:
Non-interest bearing transaction accounts	$	108,845	$	(33	)	$	108,812
Interest bearing transaction accounts and savings deposits	639,798		—			639,798
Time deposits	478,415		(1,758		)	476,657
Total deposits	1,227,058		(1,791		)	1,225,267
Securities sold under agreement to repurchase	14,146		—			14,146
Other borrowings	162,900		(5,500		)	157,400
Accrued interest and other liabilities	8,185		268			8,453
Total liabilities assumed	1,412,289		(7,023		)	1,405,266
Equity	137,665		(137,665		)	—
Total equity assumed	137,665		(137,665		)	—
Total liabilities and equity assumed	$	1,549,954	$	(144,688	)	$	1,405,266
Net assets acquired						129,046
Purchase price						207,539
Goodwill						$	78,493

A summary, at fair value, of the assets acquired and liabilities assumed in the Landrum transaction, as of the acquisition date, is as follows:

(In thousands)	Acquired from Landrum			Fair Value Adjustments			Fair Value
Assets Acquired
Cash and due from banks	$	215,285		$	—		$	215,285
Due from banks - time	248			—			248
Investment securities	1,021,755			4,228			1,025,983
Loans acquired	2,049,137			(43,651		)	2,005,486
Allowance for loan losses	(22,736		)	22,736			—
Foreclosed assets	373			(183		)	190
Premises and equipment	63,878			18,867			82,745
Bank owned life insurance	19,206			—			19,206
Goodwill	407			(407		)	—
Core deposit intangible	—			24,345			24,345
Other intangibles	412			4,704			5,116
Other assets	33,924			(13,401		)	20,523
Total assets acquired	$	3,381,889		$	17,238		$	3,399,127
Liabilities Assumed
Deposits:
Non-interest bearing transaction accounts	$	716,675		$	—		$	716,675
Interest bearing transaction accounts and savings deposits	1,465,429			—			1,465,429
Time deposits	867,197			299			867,496
Total deposits	3,049,301			299			3,049,600
Other borrowings	10,055			—			10,055
Subordinated debentures	34,794			(877		)	33,917
Accrued interest and other liabilities	31,057			(484		)	30,573
Total liabilities assumed	3,125,207			(1,062		)	3,124,145
Equity	256,682			(256,682		)	—
Total equity assumed	256,682			(256,682		)	—
Total liabilities and equity assumed	$	3,381,889		$	(257,744	)	$	3,124,145
Net assets acquired							274,982
Purchase price							415,779
Goodwill							$	140,797