Acquisition (Tables) - Banc Ed

6 Months Ended

Jun. 30, 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
	Fair Value
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

		Pro Forma
		Three Months Ended June 30,			Six Months Ended June 30,
		2019		2018		2019	2018
Total revenues (net interest income plus non- interest income)	$	101,324	$	105,517	$	201,976	$	206,635
Net income		26,947		30,578		54,337		56,931
Diluted earnings per common share		0.48		0.55		0.97		1.02