| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the net assets acquired (at fair value) and consideration transferred for HTLF as of January 31, 2025 (in thousands, except for per share data):
|
|
|
|
|
Fair Value
January 31, 2025 |
|
Assets |
|
|
Loans, net of allowance for credit losses on loans |
$ |
9,734,711 |
|
Investment securities |
|
3,648,445 |
|
Interest-bearing due from banks |
|
965,003 |
|
Cash and due from banks |
|
174,985 |
|
Premises and equipment, net |
|
174,579 |
|
Identifiable intangible assets |
|
511,021 |
|
Other assets |
|
906,712 |
|
Total assets acquired |
$ |
16,115,456 |
|
|
|
|
Liabilities |
|
|
Noninterest-bearing deposits |
$ |
3,761,997 |
|
Interest-bearing deposits |
|
10,586,989 |
|
Long-term debt |
|
278,018 |
|
Other liabilities |
|
199,532 |
|
Total liabilities assumed |
$ |
14,826,536 |
|
|
|
|
Net identifiable assets acquired |
$ |
1,288,920 |
|
Preliminary goodwill |
|
1,630,209 |
|
Net assets acquired |
$ |
2,919,129 |
|
|
|
|
Consideration |
|
|
Common stock consideration: |
|
|
Company's common shares issued |
|
23,609 |
|
Purchase price per share of the Company's common stock |
$ |
117.90 |
|
Fair value of common stock consideration |
$ |
2,783,510 |
|
Preferred stock consideration |
|
115,230 |
|
Stock-based compensation consideration |
|
20,389 |
|
Fair value of total consideration transferred |
$ |
2,919,129 |
|
|
| Schedule of Unpaid Principal Balance and Fair Value of Loans Acquired in the HTLF Acquisitions |
The following table presents the unpaid principal balance and fair value of the loans acquired in the HTLF acquisition as of the Acquisition Date (in thousands):
|
|
|
|
|
|
|
|
Unpaid Principal Balance |
|
Fair Value |
|
Non-PCD loans |
$ |
7,067,238 |
|
$ |
6,688,190 |
|
PCD loans |
|
3,237,332 |
|
|
3,046,521 |
|
Total loans |
$ |
10,304,570 |
|
$ |
9,734,711 |
|
|
| Summary of PCD Loans Purchased |
The following table provides a summary of PCD loans purchased as part of the HTLF acquisition as of the Acquisition Date (in thousands):
|
|
|
|
|
January 31, 2025 |
|
Principal of PCD loans acquired |
$ |
3,237,332 |
|
PCD ACL at acquisition |
|
(85,299 |
) |
Non-credit discount on PCD loans |
|
(105,512 |
) |
Fair value of PCD Loans |
$ |
3,046,521 |
|
|