Acquisitions (Tables)

12 Months Ended

Dec. 31, 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 PLZZ as of November 1, 2017 and the fair value adjustments and amounts recorded by the Company in 2017 under the acquisition method of accounting, which are subject to adjustment for up to one year after the merger date: 

	PLZZ			Fair Value			Fair
	Book Value			Adjustment			Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	150,459		$	—		$	150,459
Loans, gross	1,069,359			(6,418		)	1,062,941
Allowance for loan losses	(13,009		)	13,009			—
Fixed assets	7,389			(194		)	7,195
Core deposit intangible	198			11,382			11,580
Deferred tax assets	11,849			(6,876		)	4,973
Other assets	19,495			(330		)	19,165
Total assets acquired	$	1,245,740		$	10,573		$	1,256,313
LIABILITIES ASSUMED
Deposits	$	1,081,727		$	1,224		$	1,082,951
Borrowings	40,755			397			41,152
Other Liabilities	8,956			(622		)	8,334
Total liabilities assumed	1,131,438			999			1,132,437
Excess of assets acquired over liabilities assumed	$	114,302		$	9,574		123,876
Consideration paid							250,939
Paid by PLZZ prior to close							6,544
Capitalized merger-related expense							1,366
Goodwill recognized							$	121,885

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
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			(6,567		)	11,283
Other assets	55,223			(9		)	55,214
Total assets acquired	$	2,005,637		$	10,185		$	2,015,822
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		$	10,905		199,177
Consideration paid							465,482
Capitalized merger-related expense							2,649
Goodwill recognized							$	268,954

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
	(dollars in thousands)
ASSETS ACQUIRED
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
Borrowings	—			—			—
Deferred tax liability	—			—			—
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

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, HEOP and PLZZ, 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		PLZZ
	(dollars in thousands)
Contractual amounts due	$	539,806	$	1,717,230	$	1,703,246
Cash flows not expected to be collected	2,765		4,442		20,152
Expected cash flows	537,041		1,712,788		1,683,094
Interest component of expected cash flows	80,883		348,100		625,592
Fair value of acquired loans	$	456,158	$	1,364,688	$	1,057,502

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

Unaudited pro forma net interest and other income, net income and earnings per share presented below:

	Year Ended December 31,
	2017		2016		2015
Net interest and other income	$	342,159	$	258,970	$	246,622
Net income	72,316		71,722		58,257
Basic earnings per share	1.58		1.58		1.30
Diluted earnings per share	1.55		1.56		1.29