BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed, and the goodwill generated from the transaction.

($ in thousands)
Purchase price:
Cash and stock	$	221,538
Total purchase price	221,538
Identifiable assets:
Cash	$	106,973
Investments	172,775
Loans	1,155,712
Core deposit intangible	43,739
Personal and real property	35,963
Other real estate owned	857
Bank owned life insurance	35,579
Deferred taxes	6,129
Interest receivable	4,349
Other assets	3,103
Total assets	1,565,179
Liabilities and equity:
Deposits	1,392,432
Trust Preferred	9,015
Other liabilities	34,271
Total liabilities	1,435,718
Net assets acquired	129,461
Goodwill	$	92,077

The following table summarizes the finalized fair values of the assets acquired and liabilities assumed including the goodwill generated from the transaction on August 1, 2022, along with valuation adjustments that have been made since initially reported.

($ in thousands)	As Initially Reported		Measurement Period Adjustments		As Adjusted
Purchase price:
Cash and stock	$	101,470	$	—	$	101,470
Total purchase price	101,470		—		101,470
Identifiable assets:
Cash	$	23,939	$	—	$	23,939
Investments	22,907		(264)		22,643
Loans	482,903		2,268		485,171
Other real estate	8,797		(580)		8,217
Bank owned life insurance	10,092		—		10,092
Core deposit intangible	9,791		—		9,791
Personal and real property	13,825		(1,868)		11,957
Deferred tax asset	28,105		(970)		27,135
Other assets	9,649		(414)		9,235
Total assets	610,008		(1,828)		608,180
Liabilities and equity:
Deposits	490,588		3		490,591
Borrowings	25,000		—		25,000
Other liabilities	14,772		—		14,772
Total liabilities	530,360		3		530,363
Net assets acquired	79,648		(1,831)		77,817
Goodwill	$	21,822	$	1,831	$	23,653

During the third quarter of 2023, the Company finalized its analysis and valuation adjustments that have been made to investments, loans, other real estate, personal and real property, deferred tax asset, other assets, and deposits.

Business Acquisition, Pro Forma Information

The following table presents certain supplemental pro forma information, for illustrative purposes only, for the nine months ended September 30, 2023 and 2022 as if the BBI and HSBI acquisitions had occurred on January 1, 2022. The pro forma financial information is not necessarily indicative of the results of operations had the acquisitions been effective as of this date.

($ in thousands)	(unaudited)		(unaudited)
	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Net interest income	$	191,660	$	183,008
Non-interest income	44,359		46,466
Total revenue	236,019		229,474
Income before income taxes	90,958		87,860