BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Business Acquisition, Pro Forma Information

The following table presents certain supplemental pro forma information, for illustrative purposes only, for the years December 31, 2020 and 2019 as if the FPB, FFB and SWG 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 this date.

	Pro Forma for the Year Ended
	December 31,
	2020		2019
($ in thousands)	(unaudited)		(unaudited)
Net interest income	$	158,241	$	158,179
Non-interest income		43,077		35,342
Total revenue		201,318		193,521
Income before income taxes		66,283		84,666

SWG

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Purchase price:
Cash and stock	$	47,860
Total purchase price		47,860
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		3,402
Total assets		544,755
Liabilities and equity:
Deposits		476,099
Borrowed funds		9,500
Other liabilities		3,461
Total liabilities		489,060
Net assets acquired		55,695
Bargain purchase gain	$	(7,835)

Business Combination, Separately Recognized Transactions

Outstanding principal balance	$	297,528
Carrying amount		295,772

First Florida Bancorp, Inc

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

			Measurement
	As Initially		Period
	Reported		Adjustments		As Adjusted
Identifiable assets:
Cash and due from banks	$	50,169	$	—		50,169
Investments		122,084		—		122,084
Loans		247,263		—		247,263
Core deposit intangible		3,745		—		3,745
Personal and real property		4,991		—		4,991
Other assets		2,283		1,336		3,619
Total assets		430,535		1,336		431,871
Liabilities and equity:
Deposits		373,908		—		373,908
Borrowed funds		5,527		—		5,527
Other liabilities		1,619		(295)		1,324
Total liabilities		381,054		(295)		380,759
Net assets acquired		49,481		1,631		51,112
Consideration paid		89,520		—		89,520
Goodwill resulting from acquisition	$	40,039	$	(1,631)	$	38,408

Business Combination, Separately Recognized Transactions

Outstanding principal balance	$	160,641
Carrying amount		159,628