NOTE 2. MERGERS AND ACQUISITIONS Old Line Bancshares, Inc. (OLBK) On November 22, 2019, Wesbanco completed its acquisition of OLBK, a bank holding company headquartered in Bowie, MD. On the acquisition date, OLBK had approximately $3.0 billion in assets, excluding goodwill, which included approximately $2.5 billion in loans and $182.2 million in securities. The OLBK acquisition was valued at $494.0 million, based on Wesbancos closing stock price on November 22, 2019, of $36.75, and resulted in Wesbanco issuing 13,351,837 shares of its common stock in exchange for all of the outstanding shares of OLBK common stock, including stock options, of which the fair value was $3.3 million. The assets and liabilities of OLBK were recorded on Wesbancos Balance Sheet at their preliminary estimated fair values as of November 22, 2019, the acquisition date, and OLBKs results of operations have been included in Wesbancos Consolidated Statements of Income since that date. Based on a preliminary purchase price allocation, Wesbanco recorded $231.0 million in goodwill and $32.9 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the integration of the operations of OLBK, it is not practicable to determine revenue or net income included in Wesbancos operating results relating to OLBK since the date of acquisition, as OLBKs results cannot be separately identified. For the nine months ended September 30, 2020, Wesbanco recorded merger-related expenses of $6.3 million associated with the OLBK acquisition. The preliminary purchase price of the OLBK acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) November 22, 2019 Purchase price: Fair value of Wesbanco shares issued $ 493,936 Cash consideration for outstanding OLBK shares 16 Total purchase price $ 493,952 Fair value of: Tangible assets acquired $ 2,892,298 Core deposit and other intangible assets acquired 32,899 Liabilities assumed (2,722,250 ) Net cash received in the acquisition 60,041 Fair value of net assets acquired 262,988 Goodwill recognized $ 230,964 The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as Wesbanco intends to finalize its accounting for the acquisition of OLBK within one year of the date of acquisition: (unaudited, in thousands) November 22, 2019 Assets acquired Cash and due from banks $ 60,041 Securities 182,171 Loans 2,514,061 Goodwill and other intangible assets 263,863 Accrued income and other assets 196,066 Total assets acquired $ 3,216,202 Liabilities assumed Deposits $ 2,375,574 Borrowings 286,047 Accrued expenses and other liabilities 60,629 Total liabilities assumed $ 2,722,250 Net assets acquired $ 493,952 The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition from that previously reported at June 30, 2020: (unaudited, in thousands) November 22, 2019 Goodwill recognized as of June 30, 2020 $ 228,907 Change in fair value of net assets acquired: Assets Investment securities (284 ) Loans 50 Premises and equipment (2,214 ) Deferred tax assets 641 Accrued income and other assets  Liabilities Borrowings  Accrued expenses and other liabilities (250 ) Fair value of net assets acquired $ (2,057 ) Increase in goodwill recognized 2,057 Goodwill recognized as of September 30, 2020 $ 230,964 The fair value estimates for deferred taxes and other assets/liabilities will continue to fluctuate until the final tax returns are completed. The Company expects to finalize the purchase price accounting for OLBK within one year of the date of acquisition.