2. Business Combination On September 21, 2019, the Company completed the acquisition of MidSouth Bancorp, Inc. (MidSouth) (NYSE: MSL), parent company of MidSouth Bank, N.A. The transaction provides the Company opportunity for both enhanced growth in several of its current markets, such as MidSouths home market of Lafayette, Louisiana, as well as opportunities for expansion into new markets in Louisiana and Texas. The transaction was accounted for as a business combination whereby the Company acquired net assets with an estimated fair value of $130.5 million and recorded goodwill of $63.4 million. In consideration for the net assets acquired, the Company issued approximately 5.0 million shares resulting in a transaction value of $193.8 million. The following table sets forth the preliminary acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. The goodwill is not deductible for federal income tax purposes. (in thousands) ASSETS Cash and due from banks $ 28,059 Interest bearing bank deposits 276,911 Federal funds sold 3,475 Securities available for sale 272,240 Loans 787,628 Property and equipment 34,288 Other real estate 343 Identifiable intangible assets 31,500 Other assets 79,888 Total identifiable assets 1,514,332 LIABILITIES Deposit liabilities 1,280,947 Short term borrowings 66,996 Long term debt 13,919 Other liabilities 21,990 Total liabilities 1,383,852 Net assets acquired 130,480 Value of stock -based consideration 193,849 Goodwill $ 63,369 The results of the acquired business were included in the Companys consolidated results of operations from the date of acquisition. The results of the acquired business are not material to the Companys consolidated results of operations and, as such, neither supplemental pro forma information of the combined entity nor revenue and earnings contributed by the acquired business since the date of acquisition are presented. Goodwill Resulting from Business Combinations Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. It is comprised of estimated future economic benefits arising from the transaction that cannot be individually identified or do not qualify for separate recognition. These benefits include expanded presence in existing markets and entry into new markets, and expected earnings streams and operational efficiencies that the Company believes will result from this business combination. The following table presents the change in the Companys goodwill during the year ended December 31, 2019. No measurement period adjustments were recorded during the three months ended March 31, 2020. (in thousands) Goodwill balance at December 31, 2018 $ 790,972 Final settlement of cash consideration - acquisition of trust and asset management business 1,112 Initial goodwill recorded in the acquisition of MidSouth Bancorp, Inc. 69,207 Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. (5,838 ) Goodwill balance at December 31, 2019 $ 855,453 Goodwill balance at March 31, 2020 $ 855,453