Acquisitions (Tables)

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Schedule of assets acquired and liabilities assumed and the provisional fair value adjustments and amounts recorded

The following table represents the assets acquired and liabilities assumed of SCAF as of January 31, 2016 and the provisional fair value adjustments and amounts recorded by the Company in 2016 under the acquisition method of accounting: 

	SCAF Book Value			Fair Value Adjustments			Fair Value
ASSETS ACQUIRED	(dollars in thousands)
Cash and cash equivalents	$	40,947		$	—		$	40,947
Interest bearing deposits with financial institutions	1,972			—			1,972
Investment securities	191,881			(1,627		)	190,254
Loans, gross	467,197			(11,039		)	456,158
Allowance for loan losses	(7,399		)	7,399			—
Fixed assets	5,335			(979		)	4,356
Core deposit intangible	493			3,826			4,319
Deferred tax assets	5,618			1,451			7,069
Other assets	10,589			(1,308		)	9,281
Total assets acquired	$	716,633		$	(2,277	)	$	714,356
LIABILITIES ASSUMED
Deposits	$	636,450		$	141		$	636,591
Other Liabilities	9,063			(220		)	8,843
Total liabilities assumed	645,513			(79		)	645,434
Excess of assets acquired over liabilities assumed	$	71,120		$	(2,198	)	68,922
Consideration paid							120,174
Goodwill recognized							$	51,252

The following table represents the assets acquired and liabilities assumed of IDPK as of January 26, 2015 and the fair value adjustments and amounts recorded by the Company in 2015 under the acquisition method of accounting: 

	IDPK Book Value			Fair Value Adjustments			Fair Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	10,486		$	—		$	10,486
Investment securities	56,503			(382		)	56,121
Loans, gross	339,502			(6,609		)	332,893
Allowance for loan losses	(3,301		)	3,301			—
Deferred income taxes	5,266			(472		)	4,794
Bank owned life insurance	11,276			—			11,276
Core deposit intangible	904			1,999			2,903
Other assets	3,756			780			4,536
Total assets acquired	$	424,392		$	(1,383	)	$	423,009
LIABILITIES ASSUMED
Deposits	$	335,685		$	333		$	336,018
FHLB advances	33,300			—			33,300
Other liabilities	1,916			(120		)	1,796
Total liabilities assumed	370,901			213			371,114
Excess of assets acquired over liabilities assumed	$	53,491		$	(1,596	)	51,895
Consideration paid							79,777
Goodwill recognized							$	27,882

Schedule of contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates

For loans acquired from SCAF and IDPK, the contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates were as follows:

	Acquired Loans
	SCAF		IDPK
	(dollars in thousands)
Contractual amounts due	$	539,806	$	453,987
Cash flows not expected to be collected	2,765		3,795
Expected cash flows	537,041		450,192
Interest component of expected cash flows	80,883		117,299
Fair value of acquired loans	$	456,158	$	332,893

Summary of pro forma net interest and other income, net income and earnings per share

There were no material, nonrecurring adjustments to the pro forma net interest and other income, net income and earnings per share presented below:

	Three Months Ended
	March 31, 2016		December 31, 2015		March 31, 2015
Net interest and other income	$	40,090	$	38,296	$	30,570
Net income	6,583		8,612		1,993
Basic earnings per share	0.26		0.31		0.07
Diluted earnings per share	0.25		0.31		0.07