Acquisition of Owens Realty Mortgage Inc (Tables)

9 Months Ended

Sep. 30, 2019

Acquisition of Owens Realty Mortgage, Inc

Schedule of fair value of assets acquired and liabilities acquired

(In Thousands)	March 29, 2019
Assets
Cash and cash equivalents	$	10,822
Loans, net		130,449
Real estate acquired in settlement of loans, held for sale		67,973
Investment in unconsolidated joint ventures		8,619
Other assets
Deferred tax assets		4,660
Accrued interest		1,209
Other		379
Total assets acquired	$	224,111
Liabilities
Secured borrowings		12,713
Accounts payable and other accrued liabilities		1,000
Due to Manager		228
Deferred tax liabilities		123
Total liabilities assumed	$	14,064
Net assets acquired	$	210,047

Schedule of aggregate consideration transferred, net assets acquired, and related bargain purchase gain

Total consideration transferred (in thousands, except share and per share data)
FV of net assets acquired	$	210,047
ORM shares outstanding at March 29, 2019		8,482,880
Exchange ratio	x	1.441
Shares issued		12,223,830
Market price as of March 29, 2019	$	14.67
Total consideration transferred based on value of shares issued	$	179,324
Bargain purchase gain	$	30,728

Schedule of pro-forma revenue and earnings

		For the three months ended		For the nine months ended
(In Thousands)		September 30, 2018		September 30, 2018
Selected Financial Data
Interest income	$	47,725	$	132,710
Interest expense		(29,636)		(79,832)
Provision for loan losses		(558)		(363)
Non-interest income		45,419		131,927
Non-interest expense		(42,086)		(122,970)
Income before provision for income taxes		20,864		61,472
Provision for income (taxes) benefit		(1,046)		(4,439)
Net income	$	19,818	$	57,033