Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Business Acquisition

The following table presents the preliminary valuation of the assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date:

(dollars and shares in thousands)	February 15, 2022
Assets
Cash and cash equivalents	$	1,912,629
Investment securities	3,526,278
FHLB/Federal Reserve Bank stock	106,097
Loans held for sale	13,809
Loans, net of allowance for credit losses	14,308,309
Premises and equipment	108,306
Operating lease right-of-use assets	134,388
Accrued interest receivable	53,502
Goodwill	960,163
Other intangible assets	117,584
Company-owned life insurance	301,025
Other assets	322,267
Total assets	$	21,864,357
Liabilities
Deposits	$	17,249,404
Securities sold under agreements to repurchase	135,194
Federal Home Loan Bank advances	1,158,623
Other borrowings	274,569
Accrued expenses and other liabilities	356,385
Total liabilities	$	19,174,175
Fair value of consideration
Preferred stock	$	243,870
Common stock (129,365 shares issued at $18.92 per share)	2,446,312
Total consideration	$	2,690,182

Schedule of Pro Forma Information

The following table presents supplemental unaudited pro-forma financial information as if the First Midwest merger had occurred on January 1, 2021. The pro-forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective as of this assumed date.

	Three Months Ended March 31,
(dollars in thousands)	2022		2021
Total revenues (1)	$	372,346	$	394,311
Income before income taxes	88,319		18,594

(1)    Includes net interest income and total noninterest income.