Mergers and Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

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 Wheatland acquisition. The Company is continuing to obtain information to determine the fair values of assets acquired and liabilities assumed.

(Dollars in thousands)	Wheatland January 31, 2024
Fair value of consideration transferred
Fair value of Company shares issued	$	92,385
Cash consideration	771
Total fair value of consideration transferred	93,156
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	31,674
Debt securities	187,183
Loans receivable, net of ACL	452,737
Core deposit intangible 1	16,936
Accrued income and other assets	50,760
Total identifiable assets acquired	739,290
Liabilities assumed
Deposits	616,955
Borrowings	58,500
Accrued expenses and other liabilities	9,048
Total liabilities assumed	684,503
Total identifiable net assets	54,787
Goodwill recognized	$	38,369

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

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 Wheatland acquisition had occurred on January 1, 2023:

	Three Months ended
(Dollars in thousands)	March 31, 2024		March 31, 2023
Net interest income and non-interest income	$	198,925	220,927
Net income	30,602		62,358