Acquisition (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Date

The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date:

Assets
Cash and cash equivalents	$	10,469
Securities available-for-sale		30,343
Restricted stock		414
Loans		257,423
Premises and equipment		3,488
Other real estate owned		2,201
Other intangible assets		6,220
Bank-owned life insurance		3,485
Deferred tax assets, net		5,925
Other assets		1,231
Total assets acquired		321,199
Liabilities
Deposits		290,171
Line of credit		5,655
Federal Home Loan Bank advances		5,300
Accrued expenses and other liabilities		4,766
Total liabilities assumed		305,892
Net assets acquired	$	15,307
Consideration paid
Common stock (1,464,558 shares issued at $20.02 per share)		29,320
Cash paid		6,163
Total consideration paid		35,483
Goodwill	$	20,176

Summary of Acquired Non-Impaired Loans as of Acquisition Date

The following table presents the acquired non-impaired loans as of the acquisition date:

Fair value	$	204,496
Gross contractual amounts receivable		254,755
Estimate of contractual cash flows not expected to be collected⁽¹⁾		12,987
Estimate of contractual cash flows expected to be collected		241,768

(1)	Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default.

Summary of Unaudited Pro Forma Information for Results of Operations

The following table provides the unaudited pro forma information for the results of operations for the nine months ended September 30, 2019, as if the acquisition had occurred on January 1, 2019. The pro forma results combine the historical results of Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, and borrowings, net of discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2019. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table for the nine months ended September 30, 2019.

	For the Nine Months Ended
	September 30,
	2019
Total revenues (net interest income and non-interest income)	$	208,519
Net income	$	43,160
Earnings per share—basic	$	1.13
Earnings per share—diluted	$	1.11