Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

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 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			(1,145		)	4,190
Core deposit intangible	493			3,826			4,319
Deferred tax assets	5,618			1,130			6,748
Other assets	10,589			(1,227		)	9,362
Total assets acquired	$	716,633		$	(2,683	)	$	713,950
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		$	(2,604	)	68,516
Consideration paid							120,174
Goodwill recognized							$	51,658

The following table represents the assets acquired and liabilities assumed of HEOP as of April 1, 2017 and the fair value adjustments and amounts recorded by the Company in 2017 under the acquisition method of accounting: 

	HEOP Book Value			Fair Value Adjustments			Fair Value
ASSETS ACQUIRED	(dollars in thousands)
Cash and cash equivalents	$	78,728		$	—		$	78,728
Investment securities	447,520			(4,597		)	442,923
FHLB stock	9,739			—			9,739
Loans, gross	1,387,949			(23,300		)	1,364,649
Allowance for loan losses	(17,200		)	17,200			—
Fixed assets	35,567			(665		)	34,902
Core deposit intangible	—			28,123			28,123
Deferred tax assets	17,850			(7,864		)	9,986
Other assets	45,484			(9		)	45,475
Total assets acquired	$	2,005,637		$	8,888		$	2,014,525
LIABILITIES ASSUMED
Deposits	1,668,079			1,471			1,669,550
Borrowings	141,996			(2,962		)	139,034
Other Liabilities	7,290			771			8,061
Total liabilities assumed	1,817,365			(720		)	1,816,645
Excess of assets acquired over liabilities assumed	$	188,272		$	9,608		197,880
Consideration paid							465,482
Capitalized merger-related expense							1,585
Goodwill recognized							$	269,187

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 HEOP, 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		HEOP
	(dollars in thousands)
Contractual amounts due	$	539,806	$	1,717,230
Cash flows not expected to be collected	2,765		4,442
Expected cash flows	537,041		1,712,788
Interest component of expected cash flows	80,883		348,100
Fair value of acquired loans	$	456,158	$	1,364,688

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						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2017		2017		2016		2017		2016
	(dollars in thousands)
Net interest and other income	$	70,463	$	70,193	$	60,538	$	203,018	$	179,958
Net income	20,232		14,176		13,410		44,492		38,562
Basic earnings per share	0.51		0.36		0.34		1.12		0.98
Diluted earnings per share	0.50		0.35		0.34		1.10		0.97