Acquisition (Tables) - Banc Ed

3 Months Ended

Mar. 31, 2019

Schedule of fair value estimates of assets acquired and liabilities assumed

The following table presents the estimated fair value of Banc Ed’s assets acquired and liabilities assumed as of January 31, 2019 (dollars in thousands):

	Estimated by
	First Busey
Assets acquired:
Cash and cash equivalents	$	42,013
Securities		692,684
Loans held for sale		2,157
Portfolio loans		873,336
Premises and equipment		31,929
Other intangible assets		32,617
Mortgage servicing rights		6,946
Other assets		57,296
Total assets acquired		1,738,978
Liabilities assumed:
Deposits		1,439,203
Other borrowings		63,439
Other liabilities		25,079
Total liabilities assumed		1,527,721
Net assets acquired	$	211,257
Consideration paid:
Cash	$	91,400
Common stock		166,515
Total consideration paid	$	257,915
Goodwill	$	46,658

Schedule of unaudited pro forma results of operations for the acquisition

Only the merger related expenses that have been recognized are included in net income in the table below (dollars in thousands):

	Pro Forma
	Three Months Ended March 31,
	2019		2018
Total revenues (net interest income plus non-interest income)	$	100,652	$	101,119
Net income		27,390		25,813
Diluted earnings per common share		0.49		0.47