Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Consideration transferred, identifiable net assets acquired and resulting goodwill

The following table discloses the preliminary fair value estimates of the consideration transferred, the total identifiable net assets acquired and the resulting goodwill arising from the FNB acquisition. The Company is continuing to obtain information to determine the fair values of the acquired assets and liabilities.



(Dollars in thousands)	FNB April 30, 2019
Fair value of consideration transferred
Fair value of Company shares issued	$	87,153
Cash consideration	4
Total fair value of consideration transferred	87,157
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	11,311
Debt securities	47,247
Loans receivable	245,485
Core deposit intangible ¹	8,963
Accrued income and other assets	24,848
Total identifiable assets acquired	337,854
Liabilities assumed
Deposits	274,646
Borrowings ²	7,273
Accrued expenses and other liabilities	10,079
Total liabilities assumed	291,998
Total identifiable net assets	45,856
Goodwill recognized	$	41,301

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¹ The core deposit intangible for this acquisition was determined to have an estimated life of 10 years.

² Borrowings assumed with the acquisition include Tier 1 subordinated debentures of $5,864,000.

Unaudited Pro Forma Summary of the Company as if the Acquisitions had Occurred at the Beginning of the Period

The following unaudited pro forma summary presents consolidated information of the Company as if the FNB acquisition had occurred on January 1, 2018:



	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2019		June 30, 2018	June 30, 2019	June 30, 2018
Net interest income and non-interest income	$	152,673	144,649	300,916	270,231
Net income	50,155		45,854	100,896	85,697