Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of purchased assets and assumed liabilities

The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands).


	As Recorded by Three Shores		Fair Value Adjustments (1)		As Recorded by United
Assets
Cash and cash equivalents	$	218,714	$	—	$	218,714
Debt securities	374,237		7,503		381,740
Loans, net	1,463,567		(35,601)		1,427,966

Premises and equipment, net	1,892		(308)		1,584
Accrued interest receivable	8,849		(1,284)		7,565
Derivative assets	12,165		(365)		11,800
Net deferred tax asset	3,837		11,224		15,061
Core deposit intangible	—		3,360		3,360
Other assets	71,984		(6,644)		65,340
Total assets acquired	$	2,155,245	$	(22,115)	$	2,133,130
Liabilities
Deposits	$	1,796,739	$	5,955	$	1,802,694
FHLB advances and long-term debt	136,000		8,121		144,121
Derivative liabilities	12,165		—		12,165
Other liabilities	30,857		(2,811)		28,046
Total liabilities assumed	1,975,761		11,265		1,987,026
Excess of assets acquired over liabilities assumed	$	179,484
Aggregate fair value adjustments			$	(33,380)
Total identifiable net assets					146,104
Consideration transferred
Cash consideration transferred					24,108
Common stock issued (8,130,633 shares)					163,589
Total fair value of consideration transferred					187,697
Goodwill					$	41,593

(1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available.

Schedule of additional information related to acquired loan portfolio

The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands).


	July 1, 2020
PCD loans:
Par value	$	283,137
ACL at acquisition	(11,152)
Non-credit discount	(8,694)
Purchase price	$	263,291

Non-PCD loans:
Fair value	$	1,164,675
Gross contractual amounts receivable	1,358,793
Estimate of contractual cash flows not expected to be collected	76,503

Schedule of actual results and pro forma information

The actual results and pro forma information were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	Revenue		Net Income (Loss)		Revenue		Net Income (Loss)
2020
Actual Three Shores results included in statement of income since acquisition date	$	7,486	$	(129)	$	7,486	$	(129)
Supplemental consolidated pro forma as if Three Shores had been acquired January 1, 2019	152,257		47,827		418,950		112,103

2019
Actual FMBT results included in statement of income since acquisition date	$	2,697	$	1,403	$	5,024	$	2,590
Supplemental consolidated pro forma as if Three Shores had been acquired on January 1, 2019 and FMBT had been acquired January 1, 2018	163,430		53,118		473,556		153,675