Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Summary of the allocation of purchase price to assets and liabilities acquired

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Brand based on their fair values on September 1, 2018.



Purchase Price:
Shares issued to common shareholders	9,306,477
Purchase price per share	$	46.69
Value of stock paid				$	434,519
Cash consideration paid				21,879
Cash paid for fractional shares				4
Cash settlement for stock options, net of tax benefit				17,157
Deal charges				894
Total Purchase Price				$	474,453
Net Assets Acquired:
Stockholders’ equity at acquisition date	$	138,896
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed:
Securities	(323		)
Loans, including loans held for sale	(27,611		)
Premises and equipment	910
Intangible assets	27,534
Other assets	(4,495		)
Deposits	(1,367		)
Borrowings	(2,023		)
Other liabilities	13,338
Deferred income taxes	957
Total Net Assets Acquired				145,816
Goodwill resulting from merger⁽¹⁾				$	328,637

(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

Summary of the fair value of assets acquired and liabilities assumed

The following table summarizes the fair value on September 1, 2018 of assets acquired and liabilities assumed on that date in connection with the merger with Brand.



Cash and cash equivalents	$	193,436
Securities	71,122
Loans, including loans held for sale	1,580,339
Premises and equipment	20,070
Intangible assets	356,171
Other assets	113,195
Total assets	$	2,334,333

Deposits	$	1,714,177
Borrowings	89,273
Other liabilities	56,430
Total liabilities	$	1,859,880

The following table summarizes the significant assets acquired and liabilities assumed from BMG:



	September 1, 2018
Loans held for sale	$	48,100
Borrowings	34,139

Pro forma combined condensed consolidated financial information

The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the nine months ended September 30, 2019 and 2018 of the Company as though the Brand merger had been completed as of January 1, 2018. The unaudited pro forma information combines the historical results of Brand with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2018. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.



	(Unaudited)
	Nine Months Ended
	September 30,
	2019		2018
Net interest income - pro forma	$	334,772	$	341,946

Noninterest income - pro forma	$	115,798	$	117,476

Noninterest expense - pro forma	$	278,622	$	359,386

Net income - pro forma	$	129,181	$	72,719

Earnings per share - pro forma:
Basic	$	2.21	$	1.24
Diluted	$	2.21	$	1.24