Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Summary of total transaction consideration value

The value of the total transaction consideration paid amounted to approximately $749.6 million. The Opus warrants assumed by the Corporation expired unexercised as of September 30, 2020 and no longer remain outstanding. The Opus options assumed by the Corporation have been fully exercised as of September 30, 2020.

	May 29, 2020
Merger consideration	(Dollars in thousands)
Value of stock consideration paid to shareholders	$	747,458
Cash paid in lieu of fractional shares	2
Value of restricted stock awards	328
Value of options and warrants (1)	1,817
Total merger consideration	$	749,605

______________________________

(1) The Opus warrants assumed by the Corporation expired unexercised as of September 30, 2020 and no longer remain outstanding. The Opus options assumed by the Corporation have been fully exercised as of September 30, 2020.

Schedule of assets acquired and liabilities assumed

The following table summarizes the estimated fair value of assets acquired and liabilities assumed of Opus as of June 1, 2020 under the acquisition method of accounting:

Identifiable net assets acquired, at fair value		June 1, 2020
	(Dollars in thousands)
Assets acquired
Cash and cash equivalents		$	937,102
Interest bearing time deposits with financial institutions		137
Investment securities		829,891
Loans		5,809,451
Allowance for credit losses		(21,242)
Premises and equipment		22,121
Intangible assets		19,267
Deferred tax assets		48,312
Other assets		367,130
Total assets acquired		$	8,012,169
Liabilities assumed
Deposits		$	6,915,990
FHLB advances and other borrowings		213,491
Subordinated debt		138,653
Other liabilities		84,542
Total liabilities assumed		7,352,676
Total fair value of identifiable net assets		659,493
Total merger consideration		749,605
Goodwill recognized		$	90,112

Summary of pro forma financial information

The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and nine months ended September 30, 2020 and 2019 as if Opus had been acquired on January 1, 2019. This unaudited pro forma information combines the historical results of Opus with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(Dollar in thousands, except per share data)
Net interest and other income	$	193,304	$	197,866	$	577,779	$	579,353
Net income (loss)	66,566		70,835		(78,570)		181,087
Basic earnings (loss) per share	0.71		0.79		(0.84)		1.97
Diluted earnings (loss) per share	0.70		0.78		(0.84)		1.94