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Section 1: 10-Q (10-Q)

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Table of Contents



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended
March 31, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 Commission File No. 000-08185
 
TCF Financial Corporation
(Exact name of registrant as specified in its charter)
Michigan
38-2022454
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
333 W. Fort Street, Suite 1800
Detroit, Michigan 48226
(Address and Zip Code of principal executive offices)
(800) 867-9757
(Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock (par value $1 per share)
TCF
The NASDAQ Stock Market
Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock
TCFCP
The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                                                    No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                                                    No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
Accelerated filer
 
Non-accelerated filer
Smaller reporting company
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                                                  No

As of May 1, 2020, there were 152,108,934 shares outstanding of the registrant's common stock, par value $1 per share, its only outstanding class of common stock.


Table of Contents



TABLE OF CONTENTS
 
Description
Page
 
 
Part I - Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Part II - Other Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Table of Contents



Part I - Financial Information                                                

Item 1. Financial Statements.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)
At March 31, 2020
 
At December 31, 2019
 
(Unaudited)
 
 

ASSETS
 
 
 
Cash and cash equivalents:
 
 
 
Cash and due from banks
$
713,413

 
$
491,787

Interest-bearing deposits with other banks
565,458

 
736,584

Total cash and cash equivalents
1,278,871

 
1,228,371

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost
484,461

 
442,440

Investment securities:
 
 
 
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)
7,025,224

 
6,720,001

Held-to-maturity, at amortized cost (fair value of $145,974 and $144,844)
135,619

 
139,445

Total investment securities
7,160,843

 
6,859,446

Loans and leases held-for-sale (includes $206,366 and $91,202 at fair value)
287,177

 
199,786

Loans and leases
35,921,614

 
34,497,464

Allowance for credit losses
(406,383
)
 
(113,052
)
Loans and leases, net
35,515,231

 
34,384,412

Premises and equipment, net
516,454

 
533,138

Goodwill
1,313,046

 
1,299,878

Other intangible assets, net
162,887

 
168,368

Loan servicing rights
47,283

 
56,313

Other assets
1,828,130

 
1,479,401

Total assets
$
48,594,383

 
$
46,651,553

LIABILITIES AND EQUITY
 
 
 
Liabilities
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
8,237,916

 
$
7,970,590

Interest-bearing
27,561,387

 
26,497,873

Total deposits
35,799,303

 
34,468,463

Short-term borrowings
3,482,535

 
2,669,145

Long-term borrowings
2,600,594

 
2,354,448

Other liabilities
1,056,118

 
1,432,256

Total liabilities
42,938,550

 
40,924,312

Equity
 
 
 
Preferred stock, $0.01 par value, 2,000,000 shares authorized; 7,000 shares issued
169,302

 
169,302

Common stock, $1.00 par value, 220,000,000 shares authorized
 
 
 
Issued - 152,185,984 shares at March 31, 2020 and 152,965,571 shares at December 31, 2019
152,186

 
152,966

Additional paid-in capital
3,433,234

 
3,462,080

Retained earnings
1,732,932

 
1,896,427

Accumulated other comprehensive income
166,170

 
54,277

Other
(28,140
)
 
(28,037
)
Total TCF Financial Corporation shareholders' equity
5,625,684

 
5,707,015

Non-controlling interest
30,149

 
20,226

Total equity
5,655,833

 
5,727,241

Total liabilities and equity
$
48,594,383

 
$
46,651,553

 
See accompanying notes to consolidated financial statements.



1

Table of Contents



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
 
Three Months Ended March 31,
(In thousands, except per share data)
2020
 
2019
Interest income
 
 
 
Interest and fees on loans and leases
$
443,096

 
$
283,238

Interest on investment securities:
 
 
 
Taxable
40,920

 
16,666

Tax-exempt
4,349

 
2,684

Interest on loans held-for-sale
1,561

 
825

Interest on other earning assets
5,466

 
3,481

Total interest income
495,392

 
306,894

Interest expense
 
 
 
Interest on deposits
67,419

 
37,608

Interest on borrowings
26,492

 
14,857

Total interest expense
93,911

 
52,465

Net interest income
401,481

 
254,429

Provision for credit losses
96,943

 
10,122

Net interest income after provision for credit losses
304,538

 
244,307

Noninterest income
 
 
 
Leasing revenue
33,565

 
38,165

Fees and service charges on deposit accounts
34,597

 
26,278

Card and ATM revenue
21,685

 
18,659

Net gains on sales of loans and leases
20,590

 
8,217

Servicing fee revenue
6,792

 
5,110

Wealth management revenue
6,151

 

Net gains (losses) on investment securities

 
451

Other
13,583

 
6,624

Total noninterest income
136,963

 
103,504

Noninterest expense
 
 
 
Compensation and employee benefits
171,528

 
123,942

Occupancy and equipment
57,288

 
41,710

Lease financing equipment depreciation
18,450

 
19,256

Net foreclosed real estate and repossessed assets
1,859

 
4,630

Merger-related expenses
36,728

 
9,458

Other
88,746

 
54,079

Total noninterest expense
374,599

 
253,075

Income before income tax expense
66,902

 
94,736

Income tax expense
13,086

 
21,287

Income after income tax expense
53,816

 
73,449

Income attributable to non-controlling interest
1,917

 
2,955

Net income attributable to TCF Financial Corporation
51,899

 
70,494

Preferred stock dividends
2,493

 
2,493

Net income available to common shareholders
$
49,406

 
$
68,001

Earnings per common share
 
 
 
Basic
$
0.33

 
$
0.83

Diluted
0.32

 
0.83

Weighted-average common shares outstanding
 
 
 
Basic
151,902,357

 
82,245,577

Diluted
152,114,017

 
82,245,577

 
See accompanying notes to consolidated financial statements.


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TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months Ended March 31,
(In thousands)
2020
 
2019
Net income attributable to TCF Financial Corporation
$
51,899

 
$
70,494

Other comprehensive income (loss), net of tax:
 

 
 

Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips
115,847

 
37,368

Net unrealized gains (losses) on net investment hedges
10,481

 
(2,308
)
Foreign currency translation adjustment
(14,426
)
 
3,567

Recognized postretirement prior service cost
(9
)
 
(8
)
Total other comprehensive income (loss), net of tax
111,893

 
38,619

Comprehensive income
$
163,792

 
$
109,113

 See accompanying notes to consolidated financial statements.


3

Table of Contents



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity (Unaudited)
At or For the Three Months Ended March 31, 2020 and 2019
 
TCF Financial Corporation
 
 
 
Number of
Shares Issued
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Other
Total
Non-
controlling
Interest
Total
Equity
(Dollars in thousands)
Preferred
Common
Balance, December 31, 2019
7,000

152,965,571

$
169,302

$
152,966

$
3,462,080

$
1,896,427

$
54,277

$
(28,037
)
$
5,707,015

$
20,226

$
5,727,241

Cumulative effect adjustment related to adoption of Accounting Standards Update 2016-13(1)





(159,323
)


(159,323
)
74

(159,249
)
Balance, January 1, 2020
7,000

152,965,571

$
169,302

$
152,966

$
3,462,080

$
1,737,104

$
54,277

$
(28,037
)
$
5,547,692

$
20,300

$
5,567,992

Net income





51,899



51,899

1,917

53,816

Other comprehensive income (loss), net of tax






111,893


111,893


111,893

Net investment by (distribution to) non-controlling interest









7,932

7,932

Repurchases of 873,376 shares of common stock

(873,376
)

(873
)
(32,225
)



(33,098
)

(33,098
)
Dividends on 5.70% Series C Preferred Stock





(2,493
)


(2,493
)

(2,493
)
Dividends on common stock of $0.35 per common share





(53,578
)


(53,578
)

(53,578
)
Stock compensation plans, net of tax

93,789


93

3,276




3,369


3,369

Change in shares held in trust for deferred compensation plans, at cost




103



(103
)



Balance, March 31, 2020
7,000

152,185,984

$
169,302

$
152,186

$
3,433,234

$
1,732,932

$
166,170

$
(28,140
)
$
5,625,684

$
30,149

$
5,655,833

(1) See "Note 3. Summary of Significant Accounting Policies" for further information.
 
TCF Financial Corporation
 
 
 
Number of
Shares Issued
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Other
Total
Non-
controlling
Interest
Total
Equity
(Dollars in thousands)
Preferred
Common
Balance, December 31, 2018
7,000

88,198,460

$
169,302

$
88,198

$
798,627

$
1,766,994

$
(33,138
)
$
(252,182
)
$
2,537,801

$
18,459

$
2,556,260

Net income





70,494



70,494

2,955

73,449

Other comprehensive income (loss), net of tax






38,619


38,619


38,619

Net investment by (distribution to) non-controlling interest









8,038

8,038

Dividends on 5.70% Series C Preferred Stock





(2,493
)


(2,493
)

(2,493
)
Dividends on common stock of $0.30 per common share





(24,294
)


(24,294
)

(24,294
)
Stock compensation plans, net of tax

(135,422
)

(135
)
(10,390
)


6,791

(3,734
)

(3,734
)
Change in shares held in trust for deferred compensation plans, at cost




1,230



(1,230
)



Balance, March 31, 2019
7,000

88,063,038

$
169,302

$
88,063

$
789,467

$
1,810,701

$
5,481

$
(246,621
)
$
2,616,393

$
29,452

$
2,645,845

See accompanying notes to consolidated financial statements.


4

Table of Contents



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
 
Quarter Ended March 31,
(In thousands)
2020
 
2019
Cash flows from operating activities
 
 
 
Net income
$
53,816

 
$
73,449

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 

 
 

Provision for credit losses
96,943

 
10,122

Share-based compensation expense
5,647

 
224

Depreciation and amortization
99,541

 
56,284

Provision (benefit) for deferred income taxes
(3,016
)
 
(1,011
)
Net gains on sales of assets
(28,573
)
 
(14,918
)
Proceeds from sales of loans and leases held-for-sale
268,133

 
80,877

Originations of loans and leases held-for-sale, net of repayments
(362,680
)
 
(72,125
)
Impairment of loan servicing rights
8,236

 

Net change in other assets
(218,094
)
 
(95,861
)
Net change in other liabilities
(405,718
)
 
113,978

Other, net
(14,106
)
 
(11,089
)
Net cash provided by (used in) operating activities
(499,871
)
 
139,930

Cash flows from investing activities
 

 
 

Proceeds from sales of investment securities available-for-sale

 
205,862

Proceeds from maturities of and principal collected on investment securities available-for-sale
311,531

 
50,425

Purchases of investment securities available-for-sale
(412,011
)
 
(597,054
)
Proceeds from maturities of and principal collected on investment securities held-to-maturity
4,152

 
2,469

Purchases of investment securities held-to-maturity

 
(821
)
Redemption of Federal Home Loan Bank stock
144,000

 
26,000

Purchases of Federal Home Loan Bank stock
(186,000
)
 
(38,000
)
Proceeds from sales of loans and leases
287,050

 
194,109

Loan and lease originations and purchases, net of principal collected
(1,717,733
)
 
(521,907
)
Proceeds from sales of other assets
16,494

 
19,644

Purchases of premises and equipment and lease equipment
(23,846
)
 
(41,121
)
Other, net
15,177

 
2,937

Net cash provided by (used in) investing activities
(1,561,186
)
 
(697,457
)
Cash flows from financing activities
 

 
 

Net change in deposits
1,143,905

 
141,885

Net change in short-term borrowings
813,425

 
355,947

Proceeds from long-term borrowings
4,150,000

 
621,328

Payments on long-term borrowings
(3,912,310
)
 
(662,097
)
Payments on liabilities related to acquisition and portfolio purchase

 
(1,000
)
Repurchases of common stock
(33,098
)
 

Dividends paid on preferred stock
(2,493
)
 
(2,493
)
Dividends paid on common stock
(53,578
)
 
(24,294
)
Exercise of stock options
63

 

Payments related to tax-withholding upon conversion of share-based awards
(2,289
)
 
(3,022
)
Net investment by non-controlling interest
7,932

 
8,038

Net cash provided by (used in) financing activities
2,111,557

 
434,292

Net change in cash and due from banks
50,500

 
(123,235
)
Cash and cash equivalents at beginning of period
1,228,371

 
587,057

Cash and cash equivalents at end of period
$
1,278,871

 
$
463,822

Supplemental disclosures of cash flow information
 

 
 

Cash paid (received) for:
 

 
 

Interest on deposits and borrowings
$
76,688

 
$
48,276

Income taxes, net
1,838

 
(140
)
Noncash activities:


 


Transfer of loans and leases to other assets
15,983

 
27,280

Transfer of loans and leases from held-for-investment to held for sale, net
251,855

 
170,537

See accompanying notes to consolidated financial statements.


5

Table of Contents



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation
 
On August 1, 2019 (the "Merger Date"), TCF Financial Corporation, a Delaware corporation ("Legacy TCF"), merged with and into Chemical Financial Corporation, a Michigan corporation ("Chemical"), with Chemical continuing as the surviving entity (the "Merger"). Immediately following the Merger, Chemical’s wholly owned bank subsidiary, Chemical Bank, a Michigan state-chartered bank, merged with and into Legacy TCF’s wholly owned bank subsidiary, TCF National Bank, a national banking association, with TCF National Bank surviving the merger (“TCF Bank”). Upon completion of the Merger, Chemical was renamed TCF Financial Corporation. TCF Financial Corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Corporation"), is a financial holding company, headquartered in Detroit, Michigan. TCF Bank has its main office in Sioux Falls, South Dakota. References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the accounting acquirer for financial reporting purposes, even though Chemical was the legal acquirer. Accordingly, Legacy TCF's historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. TCF's results of operations include the results of operations of Chemical on and after August 1, 2019. Results for periods before August 1, 2019 reflect only those of Legacy TCF and do not include the results of operations of Chemical. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy TCF common stock in the Merger. See "Note 2. Merger" for further information. In addition, the assets and liabilities of Chemical as of the Merger Date have been recorded at their estimated fair value and added to those of Legacy TCF.

TCF Bank operates bank branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial customers.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Corporation's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at and for the year ended December 31, 2019.
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation.



6

Table of Contents



Note 2. Merger

As described in Note 1. Basis of Presentation, on August 1, 2019, the Corporation completed the Merger with Legacy TCF.

The Merger was an all-stock transaction. Pursuant to the merger agreement, on the Merger Date, each holder of Legacy TCF common stock received 0.5081 shares (the "Exchange Ratio") of TCF's common stock for each share of Legacy TCF common stock held. Each outstanding share of common stock of Chemical remained outstanding and was unaffected by the Merger other than by the change of the Corporation’s name from Chemical Financial Corporation to TCF Financial Corporation. As of the effective time of the Merger on August 1, 2019, TCF Financial had approximately 153.5 million shares of common stock outstanding. On the Merger Date, the shares of Legacy TCF common stock, which previously traded under the ticker symbol "TCF" on the New York Stock Exchange (the "NYSE") ceased trading on, and were delisted from, the NYSE. Following the Merger, TCF Financial common stock continues to trade on the Nasdaq Stock Market (“NASDAQ”), but its ticker symbol changed from "CHFC" to "TCF" effective August 1, 2019.

Pursuant to the merger agreement, each outstanding share of Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share (the "Legacy TCF Preferred Stock") was converted into the right to receive one share of newly created 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF, with a liquidation preference of $25,000 per share (the "New TCF Preferred Stock"), and each depository share representing 1/1000th of a share of Legacy TCF Preferred Stock was converted into one depositary share representing 1/1000th of a share of New TCF Preferred Stock. Immediately following the effective time of the Merger, as of August 1, 2019, TCF Financial had 7,000 shares of New TCF Preferred Stock outstanding and 7.0 million related depositary shares outstanding.

The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the acquirer for financial reporting purposes even though Chemical was the legal acquirer. As a result, the historical financial statements of Legacy TCF became the historical financial statements of the combined company. In addition, the assets acquired, including the intangible assets identified, and assumed liabilities of Chemical as of the Merger Date, have been recorded at their estimated fair value and added to those of Legacy TCF. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change.

As the legal acquirer, Chemical (now TCF Financial Corporation) issued approximately 81.9 million shares of TCF Financial common stock in connection with the Merger, which represented approximately 53% of the voting interests in TCF Financial upon completion of the Merger. Guidance in Accounting Standards Codification ("ASC") 805-40-30-2 explains that the purchase price in a reverse acquisition is determined based on “the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.” The first step in calculating the purchase price in the Merger is to determine the ownership of the combined company following the Merger. The table below summarizes the ownership of the combined company ("TCF Financial") following the Merger, as well as the market capitalization of the combined company using shares of Chemical and Legacy TCF common stock outstanding at July 31, 2019 and Chemical’s closing price on July 31, 2019.
(Dollars in thousands)
 TCF Financial Ownership and Market Value Table
 
 Number of Chemical Outstanding Shares
 
 Percentage Ownership
 
 Market Value at $42.04 Chemical Share Price
Legacy TCF shareholders
81,920,494

 
53.38
%
 
$
3,443,938

Chemical shareholders
71,558,755

 
46.62

 
3,008,330

 Total
153,479,249

 
100.00
%
 
$
6,452,268





7

Table of Contents



Next, the hypothetical number of shares Legacy TCF would have to issue to give Chemical owners the same percentage ownership in the combined company is calculated in the table below (based on shares of Legacy TCF common stock outstanding at July 31, 2019):
 
 
 Hypothetical Legacy TCF Ownership
 
 
 Number of Legacy TCF Outstanding Shares
 
 Percentage Ownership
Legacy TCF shareholders
 
161,229,078

 
53.38
%
Chemical shareholders
 
140,835,967

 
46.62

 Total
 
302,065,045

 
100.00
%


Finally, the purchase price is calculated based on the number of hypothetical shares of Legacy TCF common stock issued to Chemical shareholders multiplied by the share price as demonstrated in the table below.
(Dollars in thousands, except per share data)
 
 
Number of hypothetical Legacy TCF shares issued to Chemical shareholders
140,835,967

Legacy TCF market price per share as of July 31, 2019
$
21.38

Purchase price determination of hypothetical Legacy TCF shares issued to Chemical shareholders
3,011,073

Value of Chemical stock options hypothetically converted to options to acquire shares of Legacy TCF common stock
7,335

Cash in lieu of fractional shares
148

Purchase price consideration
$
3,018,556





8

Table of Contents



The following table provides the purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Corporation. The Corporation recorded the estimate of fair value based on initial valuations available at the Merger Date and these estimates are considered preliminary and subject to adjustment for up to one year after the Merger Date. While the Corporation believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, we expect that we may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Corporation is able to determine that the Corporation has obtained all necessary information about the facts and circumstances that existed as of Merger Date. The Corporation finalized all valuations and recorded final adjustments during the first quarter of 2020. These adjustments include: (i) changes in the estimated fair value of loans and leases acquired, (ii) changes in deferred tax assets related to fair value estimates and changes in the expected realization of items considered to be net operating loss carryforwards, and (iii) changes in goodwill as a result of the net effect of any adjustments.
(In thousands)
 
Purchase price consideration: