Acquisitions (Tables) - Banc Ed

6 Months Ended

Jun. 30, 2020

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):

	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		32,156
Other intangible assets		32,617
Mortgage servicing rights		6,946
Other assets		57,332
Total assets acquired		1,739,273
Liabilities assumed:
Deposits		1,439,203
Other borrowings		63,439
Other liabilities		20,153
Total liabilities assumed		1,522,795
Net assets acquired	$	216,478
Consideration paid:
Cash	$	91,400
Common stock		166,515
Total consideration paid	$	257,915
Goodwill	$	41,437

Schedule of unaudited pro forma results of operations for the acquisition

		Pro Forma
	Three Months Ended		Six Months Ended
		June 30, 2019	June 30, 2019
Total revenues (net interest income plus non-interest income)	$	101,324	$	201,976
Net income		26,947		54,337
Diluted earnings per common share		0.48		0.97