Business Combinations (Tables)

6 Months Ended

Jun. 30, 2020

Owens Realty Mortgage, Inc.

Acquisitions

Schedule of fair value of assets acquired and liabilities acquired

(In Thousands)	March 29, 2019
Assets
Cash and cash equivalents	$	10,822
Loans		130,449
Real estate, 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
(In Thousands)		March 31, 2019
Selected Financial Data
Interest income	$	51,543
Interest expense		(36,323)
Provision for loan losses		(518)
Non-interest income		27,031
Non-interest expense		(37,721)
Income before provision for income taxes		4,012
Income tax benefit (provision)		2,996
Net income	$	7,008

Knight Capital

Acquisitions

Schedule of fair value of assets acquired and liabilities acquired

(In Thousands)	October 25, 2019
Assets
Cash and cash equivalents	$	1,673
Purchased future receivables,		39,540
Prepaid expenses and other		1,265
Intangible assets		5,880
Total assets acquired	$	48,358
Liabilities
Secured borrowings		30,600
Accounts payable and other accrued liabilities		1,173
Total liabilities assumed	$	31,773
Net assets acquired	$	16,585

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

Total Consideration Transferred (in thousands)
Cash consideration	$	17,500
Common stock consideration		10,290
Total consideration transferred	$	27,790
Net Tangible Assets	$	10,705
Identified Intangible Assets		5,880
FV of net assets acquired	$	16,585
Goodwill	$	11,205

Schedule of pro-forma revenue and earnings

		For the three months ended		For the six months ended
(In Thousands)		June 30, 2019		June 30, 2019
Selected Financial Data
Interest income	$	57,034	$	105,787
Interest expense		(35,753)		(71,528)
Provision for loan losses		(1,348)		(1,866)
Non-interest income		48,623		120,548
Non-interest expense		(55,764)		(113,364)
Income before provision for income taxes		12,792		39,577
Income tax benefit		2,956		5,959
Net income	$	15,748	$	45,536

Schedule of acquired intangible assets are definite-lived assets

(In Thousands)	Fair Value		Weighted Average Amortization Life
Internally developed software	$	3,800	6 years
Broker network		1,200	4.5 years
Trade name		880	6 years
Total Intangible Assets	$	5,880	6 years