Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

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

The following table represents the HEOP assets acquired and liabilities assumed as of April 1, 2017 and the fair value adjustments and amounts recorded by the Company 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	445,299			(2,376		)	442,923
Loans, gross	1,384,949			(20,261		)	1,364,688
Allowance for loan losses	(17,200		)	17,200			—
Fixed assets	35,567			(665		)	34,902
Core deposit intangible	3,207			24,916			28,123
Deferred tax assets	17,850			(7,606		)	10,244
Other assets	55,235			(21		)	55,214
Total assets acquired	$	2,003,635		$	11,187		$	2,014,822
LIABILITIES ASSUMED
Deposits	$	1,668,085		$	1,465		$	1,669,550
Borrowings	139,150			(116		)	139,034
Other Liabilities	8,059			293			8,352
Total liabilities assumed	1,815,294			1,642			1,816,936
Excess of assets acquired over liabilities assumed	$	188,341		$	9,545		197,886
Consideration paid							467,439
Goodwill recognized							$	269,553

The following table represents the SCAF assets acquired and liabilities assumed as of January 31, 2016 and the fair value adjustments and amounts recorded by the Company 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

The following table represents the Grandpoint assets acquired and liabilities assumed as of July 1, 2018 and the fair value adjustments and amounts recorded by the Company under the acquisition method of accounting:

	Grandpoint			Fair Value			Fair
	Book Value			Adjustment			Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	147,551		$	—		$	147,551
Investment securities	395,905			(3,047		)	392,858
Loans, gross	2,404,042			(51,325		)	2,352,717
Allowance for loan losses	(18,665		)	18,665			—
Fixed assets	6,015			3,107			9,122
Core deposit intangible	5,093			66,850			71,943
Deferred tax assets	14,185			(9,802		)	4,383
Other assets	97,441			(195		)	97,246
Total assets acquired	$	3,051,567		$	24,253		$	3,075,820
LIABILITIES ASSUMED
Deposits	$	2,506,663		$	266		$	2,506,929
Borrowings	255,155			(232		)	254,923
Other Liabilities	23,687			1,172			24,859
Total liabilities assumed	2,785,505			1,206			2,786,711
Excess of assets acquired over liabilities assumed	$	266,062		$	23,047		289,109
Consideration paid							602,152
Goodwill recognized							$	313,043

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

	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			(6,458		)	1,062,901
Allowance for loan losses	(13,009		)	13,009			—
Fixed assets	7,389			(1,424		)	5,965
Core deposit intangible	198			10,575			10,773
Deferred tax assets	11,849			(6,123		)	5,726
Other assets	19,495			(589		)	18,906
Total assets acquired	$	1,245,740		$	8,990		$	1,254,730
LIABILITIES ASSUMED
Deposits	$	1,081,727		$	1,224		$	1,082,951
Borrowings	40,755			397			41,152
Other Liabilities	8,956			(450		)	8,506
Total liabilities assumed	1,131,438			1,171			1,132,609
Excess of assets acquired over liabilities assumed	$	114,302		$	7,819		122,121
Consideration paid							245,761
Goodwill recognized							$	123,640

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 Grandpoint, PLZZ, HEOP and SCAF, 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
	Grandpoint		PLZZ		HEOP		SCAF
	(dollars in thousands)
Contractual amounts due	$	3,496,905	$	1,708,685	$	1,717,230	$	539,806
Cash flows not expected to be collected	39,071		20,152		4,442		2,765
Expected cash flows	3,457,834		1,688,533		1,712,788		537,041
Interest component of expected cash flows	1,105,117		625,632		348,100		80,883
Fair value of acquired loans	$	2,352,717	$	1,062,901	$	1,364,688	$	456,158

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

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

	Year Ended December 31,
	2018		2017		2016
Net interest and other income	$	473,748	$	465,400	$	378,894
Net income	133,565		96,758		104,908
Basic earnings per share	2.16		1.58		1.71
Diluted earnings per share	2.14		1.56		1.70