Business Combinations (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Fair Value of Consideration Transferred and Fair Value of Identifiable Assets and Liabilities Assumed

The following table summarizes the fair value of the total consideration transferred as part of the Merger as well as the fair value of identifiable assets and liabilities assumed as of the effective date of the transaction.

	January 31, 2020
	(In Thousands)

Cash Consideration	$	132
Equity - Dollar Value of Issued Shares		526,875
Fair Value of Total Consideration Transferred		527,007

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash and Cash Equivalents		52,580
Securities available for sale		262,753
Net loans, including loans held for sale and allowance		2,340,701
FHLB Stock		12,753
Office Properties and Equipment		21,216
Intangible Assets		33,014
Bank Owned Life Insurance		65,934
Mortgage Servicing Rights		9,747
Accrued Interest Receivable and Other Assets		34,452
Deposits - Non-Interest Bearing		(430,921	)
Deposits - Interest Bearing		(1,651,669	)
Advances from FHLB		(381,000	)
Deferred tax liability		(2,262	)
Accrued Interest Payable and Other Liabilities		(57,742	)
Total Identifiable Net Assets		309,556

Goodwill	$	217,451

Business acquisition, pro forma information

The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2019, after giving effect to certain adjustments. The unaudited pro forma information for the three months ended March 31, 2020 and March 31, 2019 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date.

	Pro Forma Three Months Ended March 31,
	2020			2019
	(In Thousands)
Net interest income	$	53,380		$	52,460
Provision for credit losses		(17,831	)		(273	)
Non-interest income		17,281			16,796
Non-interest expense		(41,141	)		(43,946	)
Income (loss) before income taxes		11,689			25,037
Income tax benefit (expense)		(2,734	)		(4,498	)
Net income (loss)	$	8,955		$	20,539
Diluted earnings per share	$	0.24		$	0.54