BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2020

Business Acquisition, Pro Forma Information

The following unaudited pro-forma financial data for the nine months ended September 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
	Nine months		Nine months
	ended		ended
	September 30,		September 30,
	2020		2019
($ in thousands)	(unaudited)		(unaudited)
Net interest income	$	118,774	$	117,595
Non-interest income		32,149		26,332
Total revenue	$	150,923	$	143,927
Income before income taxes	$	47,265	$	57,036

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	$	47,858
Total purchase price		47,858
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		2,588
Total assets		543,941
Liabilities and equity:
Deposits		476,099
Borrowed funds		9,500
Other liabilities		3,461
Total liabilities		489,060
Net assets acquired		54,881
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 September 30, 2020, are as follows ($ in thousands):

	April 3, 2020		September 30, 2020
Outstanding principal balance	$	394,621	$	325,865
Carrying amount		392,292		323,918

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 September 30, 2020, are as follows ($ in thousands):

	November 1,2019		September 30,2020
Outstanding principal balance	$	248,916	$	186,939
Carrying amount		247,263		185,892

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 September 30, 2020, are as follows ($ in thousands):

		March 2,2019		September 30, 2020
Outstanding principal balance	$	247,774	$	149,979
Carrying amount		244,665		148,438