Business Combinations (Tables)

6 Months Ended

Jun. 30, 2019

Business Acquisition [Line Items]

Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Sun, net of the total consideration paid (in thousands):

	At January 31, 2018
	Fair Value
Total Purchase Price:	$	474,930
Assets acquired:
Cash and cash equivalents	$	68,632
Securities	254,522
Loans	1,517,345
Accrued interest receivable	5,621
Bank Owned Life Insurance	85,238
Deferred tax asset	57,597
Other assets	43,202
Core deposit intangible	11,897
Total assets acquired	2,044,054
Liabilities assumed:
Deposits	(1,616,073		)
Borrowings	(127,727		)
Other liabilities	(13,242		)
Total liabilities assumed	(1,757,042		)
Net assets acquired	$	287,012
Goodwill recorded in the merger	$	187,918

Business Acquisition, Pro Forma Information

The following table presents financial information regarding the former Capital Bank operations included in the Consolidated Statements of Income from the date of the acquisition (January 31, 2019) through June 30, 2019. In addition, the table provides unaudited condensed pro forma financial information assuming the Capital Bank acquisition had been completed as of January 1, 2019 for the six months ended June 30, 2019 and as of January 1, 2018 for the six months ended June 30, 2018. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings or the impact of conforming certain accounting policies of the acquired company to the Company’s policies that may have occurred as a result of the integration and consolidation of Capital Bank’s operations. The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects.

(in thousands)	Capital Bank Actual from February 1, 2019 to June 30, 2019			Sun Actual from February 1, 2018 to June 30, 2018		Pro forma Six Months Ended June 30, 2019		Pro forma Six Months Ended June 30, 2018
Net interest income	$	8,043		$	31,056	$	130,967	$	133,057
Provision for loan losses	175			552		976		2,287
Non-interest income	557			3,747		19,503		19,542
Non-interest expense	9,180			19,270		99,981		130,388
Provision (benefit) for income taxes	(189		)	3,146		9,317		4,354
Net income	$	(566	)	$	11,835	$	40,196	$	15,570
Fully diluted earnings per share						$	0.78	$	0.30

Capital Bank

Business Acquisition [Line Items]

Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Capital Bank, net of total consideration paid (in thousands):

	At January 31, 2019
	Estimated Fair Value
Total Purchase Price:	$	76,834
Assets acquired:
Cash and cash equivalents	$	59,748
Securities	103,775
Loans	307,703
Accrued interest receivable	1,390
Bank Owned Life Insurance	10,460
Deferred tax asset	3,844
Other assets	5,107
Core deposit intangible	2,662
Total assets acquired	494,689
Liabilities assumed:
Deposits	(449,018		)
Other liabilities	(5,010		)
Total liabilities assumed	(454,028		)
Net assets acquired	$	40,661
Goodwill recorded in the merger	$	36,173