Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Fair Value of Assets Acquired and Liabilities Assumed

A summary, at fair value, of the assets acquired and liabilities assumed in the Spirit acquisition, as of the acquisition date, is as follows:

(In thousands)	Acquired from Spirit		Fair Value Adjustments		Fair Value
Assets Acquired
Cash and due from banks	$	277,790	$	—	$	277,790
Investment securities	362,088		(13,401)		348,687
Loans acquired	2,314,085		(19,925)		2,294,160
Allowance for credit losses on loans	(17,005)		11,905		(5,100)
Premises and equipment	84,135		(19,029)		65,106
Bank owned life insurance	36,890		—		36,890
Goodwill	77,681		(77,681)		—
Core deposit and other intangible assets	6,245		32,386		38,631
Other assets	58,403		3,582		61,985
Total assets acquired	$	3,200,312	$	(82,163)	$	3,118,149

(In thousands)	Acquired from Spirit		Fair Value Adjustments		Fair Value
Liabilities Assumed
Deposits:
Noninterest bearing transaction accounts	$	825,228	$	(165)	$	825,063
Interest bearing transaction accounts and savings deposits	1,383,663		—		1,383,663
Time deposits	509,209		1,081		510,290
Total deposits	2,718,100		916		2,719,016
Other borrowings	37,547		503		38,050
Subordinated debentures	36,491		879		37,370
Accrued interest and other liabilities	23,667		(3,918)		19,749
Total liabilities assumed	2,815,805		(1,620)		2,814,185
Equity	384,507		(384,507)		—
Total equity assumed	384,507		(384,507)		—
Total liabilities and equity assumed	$	3,200,312	$	(386,127)	$	2,814,185
Net assets acquired					303,964
Purchase price					466,311
Goodwill					$	162,347

A summary, at fair value, of the assets acquired and liabilities assumed in the Landmark acquisition, as of the acquisition date, is as follows:

(In thousands)	Acquired from Landmark		Fair Value Adjustments		Fair Value
Assets Acquired
Cash and due from banks	$	27,591	$	—	$	27,591
Due from banks - time	100		—		100
Investment securities	114,793		(125)		114,668
Loans acquired	785,551		3,953		789,504
Allowance for credit losses on loans	(5,980)		3,621		(2,359)
Premises and equipment	9,540		(4,099)		5,441
Bank owned life insurance	21,287		—		21,287
Core deposit intangible	88		4,071		4,159
Other assets	13,036		(4,605)		8,431
Total assets acquired	$	966,006	$	2,816	$	968,822
Liabilities Assumed
Deposits:
Noninterest bearing transaction accounts	$	110,393	$	—	$	110,393
Interest bearing transaction accounts and savings deposits	425,777		—		425,777
Time deposits	266,835		(334)		266,501
Total deposits	803,005		(334)		802,671
Other borrowings	47,023		—		47,023
Accrued interest and other liabilities	8,459		(3,122)		5,337
Total liabilities assumed	858,487		(3,456)		855,031
Equity	107,519		(107,519)		—
Total equity assumed	107,519		(107,519)		—
Total liabilities and equity assumed	$	966,006	$	(110,975)	$	855,031
Net assets acquired					113,791
Purchase price					145,195
Goodwill					$	31,404

A summary, at fair value, of the assets acquired and liabilities assumed in the Triumph acquisition, as of the acquisition date, is as follows:

(In thousands)	Acquired from Triumph		Fair Value Adjustments		Fair Value
Assets Acquired
Cash and due from banks	$	7,484	$	—	$	7,484
Due from banks - time	495		—		495
Investment securities	130,571		(1,116)		129,455
Loans acquired	702,460		(3,674)		698,786
Allowance for credit losses on loans	(12,617)		1,525		(11,092)
Premises and equipment	2,774		484		3,258
Goodwill	1,550		(1,550)		—
Core deposit intangible	—		5,136		5,136
Other assets	12,806		897		13,703
Total assets acquired	$	845,523	$	1,702	$	847,225
Liabilities Assumed
Deposits:
Noninterest bearing transaction accounts	$	115,729	$	—	$	115,729
Interest bearing transaction accounts and savings deposits	383,434		—		383,434
Time deposits	219,477		1,094		220,571
Total deposits	718,640		1,094		719,734
Securities sold under agreement to repurchase	2,854		—		2,854
Other borrowings	30,700		—		30,700
Accrued interest and other liabilities	2,882		455		3,337
Total liabilities assumed	755,076		1,549		756,625
Equity	90,446		(90,446)		—
Total equity assumed	90,446		(90,446)		—
Total liabilities and equity assumed	$	845,522	$	(88,897)	$	756,625
Net assets acquired					90,600
Purchase price					130,544
Goodwill					$	39,944