Business Combinations (Tables)

12 Months Ended

Dec. 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
Fair Value of Options Exchanged		461
Equity – Dollar Value of Issued Shares		526,850
Fair Value of Total Consideration Transferred		527,443
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		20,253
Intangible Assets		33,014
Bank-Owned Life Insurance		65,934
Mortgage Servicing Rights		9,747
Accrued Interest Receivable and Other Assets		35,943
Deposits – NonInterest-Bearing		(430,921	)
Deposits – Interest-Bearing		(1,651,669	)
Advances from FHLB		(381,000	)
Accrued Interest Payable and Other Liabilities		(60,524	)
Total Identifiable Net Assets		309,564
Goodwill	$	217,879

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 years ended December 31, 2020 and 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 Twelve Months Ended
	December 31,
	2020		2019
	(In Thousands, except per share data)
Net Interest Income	$	215,922	$	212,498
Provision for loan losses		18,295		3,195
Noninterest Income		83,966		71,202
Noninterest Expense		154,544		166,429
Income Before Income Taxes		127,049		114,076
Income Tax Expense		26,216		21,478
Net Income	$	100,833	$	92,598
Diluted Earnings Per Share	$	2.66	$	2.44