Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.24.3
ACQUISITIONS (Tables)
9 Months Ended
Sep. 30, 2024
Business Combination, Description [Abstract]  
Schedule of consideration transferred and fair value of assets acquired and liabilities assumed

The following table provides a summary of the consideration transferred and the fair value of the assets acquired and liabilities assumed as of the date of the acquisition, reflecting the aforementioned measurement period and reclassification adjustments (dollars in thousands):

Purchase price consideration

 

  

$

505,473

Fair value of assets acquired:

 

  

 

  

Cash and cash equivalents

$

55,060

 

  

Securities AFS

 

507,764

 

  

LHFS

 

2,611

 

  

LHFI

2,151,517

Premises and equipment

 

35,802

 

  

CDI and other intangibles

 

84,687

 

  

Bank owned life insurance

30,627

Other assets

 

79,967

 

  

Total assets

$

2,948,035

 

  

Fair value of liabilities assumed:

 

  

 

  

Deposits

$

2,583,089

 

  

Short-term borrowings

 

98,336

 

  

Long-term borrowings

 

25,890

 

  

Other liabilities

 

22,746

 

  

Total liabilities

$

2,730,061

 

  

Fair value of net assets acquired

 

  

$

217,974

Preliminary goodwill

 

  

$

287,499

The Company assessed the fair value based on the following methods for the significant assets acquired and liabilities assumed:

Schedule of pro forma amounts

Pro forma

Pro forma

Three Months Ended

Nine Months Ended

September 30,

September 30,

    

2024 (2)

    

2023 (3)

    

2024 (2)

    

2023 (3)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Total revenues (1)

 

$

217,218

 

$

214,812

 

$

632,927

 

$

628,065

Net income available to common shareholders (4)

 

$

74,533

 

$

63,690

 

$

180,409

 

$

174,815

(1) Includes net interest income and noninterest income.

(2) Includes the net impact of American National’s accretion adjustments of $5.0 million for the nine months ended September 30, 2024. There were no pro forma net accretion adjustments for the three months ended September 30, 2024.

(3) Includes the net impact of American National’s accretion adjustments of $4.9 million and $14.8 million for the three and nine months ended September 30, 2023, respectively.

(4) For the three and nine months ended September 30, 2024 and 2023, excludes American National merger-related costs as noted below.