Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 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 and RMB branch acquisitions. 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		RMB Branches July 19, 2024
Fair value of consideration transferred
Fair value of Company shares issued	$	92,385	$	—
Cash consideration or deposit premium paid	771		25,238
Total fair value of consideration transferred	93,156		25,238
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	31,674		102,019
Debt securities	187,183		—
Loans receivable, net of ACL	452,737		271,569
Core deposit intangible 1	16,936		9,794
Accrued income and other assets	50,760		15,114
Total identifiable assets acquired	739,290		398,496
Liabilities assumed
Deposits	616,955		396,690
Borrowings	58,500		4,305
Accrued expenses and other liabilities	9,048		2,057
Total liabilities assumed	684,503		403,052
Total identifiable net assets (liabilities)	54,787		(4,556)
Goodwill recognized	$	38,369	$	29,794

______________________________

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 and RMB branch acquisitions had occurred on January 1, 2023:

	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Net interest income and non-interest income	$	215,420	208,217	618,039	644,285
Net income	51,512		56,755	131,407	181,103