| Summary of the Amounts of Assets Acquired and Liabilities Assumed at the Merger/Acquisition Date |
The following table summarizes the amounts of assets acquired and liabilities assumed by Frontier on January 1, 2026.
|
|
|
|
|
Fair value of consideration: |
|
|
|
Cash |
|
$ |
32,501 |
|
Common Stock |
|
|
99,095 |
|
|
|
$ |
131,596 |
|
|
|
|
|
Recognized amounts of identifiable assets acquired and |
|
|
|
liabilities assumed: |
|
|
|
Cash and due from banks |
|
$ |
12,819 |
|
Interest bearing time deposits in other banks |
|
|
100 |
|
Available-for-sale securities |
|
|
83,014 |
|
Loans |
|
|
1,278,732 |
|
Premises and equipment |
|
|
2,678 |
|
Core deposit intangible |
|
|
10,830 |
|
Other assets |
|
|
27,831 |
|
Total assets acquired |
|
|
1,416,004 |
|
Deposits |
|
|
1,131,969 |
|
Federal Home Loan Bank advances |
|
|
140,181 |
|
Other borrowed funds |
|
|
22,486 |
|
Interest payable and other liabilities |
|
|
12,629 |
|
Total liabilities assumed |
|
|
1,307,265 |
|
Total identifiable net assets |
|
|
108,739 |
|
Goodwill |
|
|
22,857 |
|
|
|
$ |
131,596 |
|
|
| Information about Loans Acquired |
The following tables reconcile the par value of Frontier loan portfolio as of the purchase date to the fair value indicated in the table above. For purchased seasoned loans and purchase-credit deteriorated assets, as required by CECL, the fair value mark is divided between an adjustment to par and an addition to the ACL. The addition to ACL represents the portion of the fair value mark attributable to expected credit losses and was determined by comparing a valuation that reflects management's loss rate assumptions with a valuation assuming no credit losses.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Purchased Seasoned Loans |
|
Loan Par Value |
|
|
Discounts from Other Factors Excluding ACL |
|
|
|
Credit Marks in ACL |
|
|
Purchase Price |
|
Commercial real estate |
|
$ |
733,497 |
|
|
$ |
(8,103 |
) |
|
|
$ |
(1,108 |
) |
|
$ |
724,286 |
|
Commercial and industrial |
|
|
151,744 |
|
|
|
(817 |
) |
|
|
|
(718 |
) |
|
|
150,209 |
|
Residential real estate |
|
|
130,492 |
|
|
|
(1,148 |
) |
|
|
|
(114 |
) |
|
|
129,230 |
|
Agricultural real estate |
|
|
164,168 |
|
|
|
(2,164 |
) |
|
|
|
(1,254 |
) |
|
|
160,750 |
|
Agricultural |
|
|
77,170 |
|
|
|
(84 |
) |
|
|
|
(12 |
) |
|
|
77,074 |
|
Consumer |
|
|
8,287 |
|
|
|
28 |
|
|
|
|
(87 |
) |
|
|
8,228 |
|
Total Purchased Seasoned loans |
|
$ |
1,265,358 |
|
|
$ |
(12,288 |
) |
|
|
$ |
(3,293 |
) |
|
$ |
1,249,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Credit Deteriorated Loans |
|
Loan Par Value |
|
|
Discounts from Other Factors Excluding ACL |
|
|
Credit Marks
in ACL |
|
|
Purchase Price |
|
Commercial real estate |
|
$ |
13,074 |
|
|
$ |
(1,497 |
) |
|
$ |
(855 |
) |
|
$ |
10,722 |
|
Commercial and industrial |
|
|
11,291 |
|
|
|
(1,197 |
) |
|
|
(1,962 |
) |
|
|
8,132 |
|
Residential real estate |
|
|
1,845 |
|
|
|
(240 |
) |
|
|
(160 |
) |
|
|
1,445 |
|
Agricultural real estate |
|
|
7,867 |
|
|
|
(2,673 |
) |
|
|
(440 |
) |
|
|
4,754 |
|
Agricultural |
|
|
2,086 |
|
|
|
(56 |
) |
|
|
(202 |
) |
|
|
1,828 |
|
Consumer |
|
|
17 |
|
|
|
(6 |
) |
|
|
(1 |
) |
|
|
10 |
|
Total Purchase Credit Deteriorated loans |
|
$ |
36,180 |
|
|
$ |
(5,669 |
) |
|
$ |
(3,620 |
) |
|
$ |
26,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Purchased Loans |
|
Purchase Price |
|
|
|
|
|
|
|
|
|
|
Purchased Seasoned Loans |
|
$ |
1,249,777 |
|
|
|
|
|
|
|
|
|
|
Purchase Credit Deteriorated Loans |
|
|
26,891 |
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,276,668 |
|
|
|
|
|
|
|
|
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|