Acquisition (Tables) - Banc Ed

9 Months Ended

Sep. 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		692,716
Loans held for sale		2,157
Portfolio loans		873,336
Premises and equipment		31,804
Other intangible assets		32,617
Mortgage servicing rights		6,946
Other assets		57,296
Total assets acquired		1,738,885
Liabilities assumed:
Deposits		1,439,203
Other borrowings		63,439
Other liabilities		24,760
Total liabilities assumed		1,527,402
Net assets acquired	$	211,483
Consideration paid:
Cash	$	91,400
Common stock		166,515
Total consideration paid	$	257,915
Goodwill	$	46,432

Schedule of unaudited pro forma results of operations for the acquisition

		Pro Forma
		Three Months Ended September 30,			Nine Months Ended September 30,
		2019		2018		2019	2018
Total revenues (net interest income plus non- interest income)	$	104,543	$	101,001	$	305,709	$	306,472
Net income		30,811		31,641		84,742		87,972
Diluted earnings per common share		0.55		0.57		1.51		1.60