BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2020

Business Acquisition, Pro Forma Information

The following unaudited pro-forma financial data for the six months ended June 30, 2020 and 2019 presents supplemental information as if the SWG, FPB and FFB acquisitions had occurred on January 1, 2019.  The pro-forma financial information is not necessarily indicative of the results of operations had the acquisitions been effective as of these dates.

	Pro-Forma		Pro-Forma
	Six months		Six months
	ended		ended
	June 30,		June 30,
($ in thousands)	2020		2019
	(unaudited)		(unaudited)
Net interest income	$	78,802	$	80,739
Non-interest income		23,355		16,430
Total revenue		102,157		97,169
Income before income taxes		32,118		41,083

SWG

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 (bargain purchase gain) generated from the transaction ($ in thousands):

Purchase price:
Cash and stock	$	47,859
Total purchase price		47,859
Identifiable assets:
Cash and due from banks	$	29,247
Investments		89,737
Loans		392,292
Core deposit intangible		4,556
Personal and real property		18,558
Bank owned life insurance		6,963
Other assets		2,589
Total assets		543,942
Liabilities and equity:
Deposits		476,099
Borrowed funds		9,500
Other liabilities		3,461
Total liabilities		489,060
Net assets acquired		54,882
Bargain purchase gain	$	(7,023)

Business Combination, Separately Recognized Transactions

The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets as of the date of acquisition and at June 30, 2020, are as follows ($ in thousands):

	April 3, 2020		June 30, 2020
Outstanding principal balance	$	394,621	$	370,790
Carrying amount		392,292		368,652

First Florida Bancorp, Inc

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	$	89,520
Total purchase price		89,520
Identifiable assets:
Cash and due from banks		50,169
Investments		122,084
Loans		247,263
Core deposit intangible		3,745
Personal and real property		4,991
Other assets		2,283
Total assets		430,535
Liabilities and equity:
Deposits		373,908
Borrowed funds		5,527
Other liabilities		1,619
Total liabilities		381,054
Net assets acquired		49,481
Goodwill resulting from acquisition	$	40,039

Business Combination, Separately Recognized Transactions

The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets as of the date of acquisition and at June 30, 2020, are as follows ($ in thousands):

	November 1, 2019		June 30, 2020
Outstanding principal balance	$	248,916	$	211,583
Carrying amount		247,263		210,427

FPB

Business Combination, Separately Recognized Transactions

The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets as of the date of acquisition and at June 30, 2020, are as follows ($ in thousands):

	March 2, 2019		June 30, 2020
Outstanding principal balance	$	247,774	$	163,908
Carrying amount		244,665		162,221