Business Combinations (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Fair Value of Consideration Transferred and Fair Value of Identifiable Assets and Liabilities Assumed

The following table summarizes the fair value of the total consideration transferred as part of the Merger as well as the fair value of identifiable assets and liabilities assumed as of the effective date of the transaction.

	January 31, 2020
	(In Thousands)

Cash Consideration	$	132
Fair Value of Options Exchanged	$	461
Equity - Dollar Value of Issued Shares		526,850
Fair Value of Total Consideration Transferred		527,443

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash and Cash Equivalents		52,580
Securities available for sale		262,753
Net loans, including loans held for sale and allowance		2,340,701
FHLB Stock		12,753
Office Properties and Equipment		20,253
Intangible Assets		33,014
Bank Owned Life Insurance		65,934
Mortgage Servicing Rights		9,747
Accrued Interest Receivable and Other Assets		35,943
Deposits - Non-Interest Bearing		(430,921	)
Deposits - Interest Bearing		(1,651,669	)
Advances from FHLB		(381,000	)
Accrued Interest Payable and Other Liabilities		(60,524	)
Total Identifiable Net Assets		309,564

Goodwill	$	217,879

Business acquisition, pro forma information

The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2019, after giving effect to certain adjustments. The unaudited pro forma information for the nine months ended September 30, 2020 and September 30, 2019 includes adjustments for interest income on loans and securities

acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date.

		Nine Months Ended September 30,
		2020		2019
	(In Thousands)
Net interest income		$	160,955	$	159,818
Provision for credit losses			25,059		2,473
Non-interest income			65,295		52,630
Non-interest expense			115,420		125,091
Income before income taxes			85,771		84,884
Income tax expense			17,515		15,607
Net income		$	68,256	$	69,277
Diluted earnings per share		$	1.82	$	1.82