Acquisitions (Tables)

12 Months Ended

Dec. 31, 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 on September 30, 2020 and no longer remain outstanding. The Opus options assumed by the Corporation have been fully exercised during the third quarter of 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

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

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

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, net of purchase accounting adjustments:

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		45,003
Other assets		370,304
Total assets acquired		$	8,012,034
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		659,358
Total merger consideration		749,605
Goodwill recognized		$	90,247

The following table summarizes the estimated fair value of assets acquired and liabilities assumed of Grandpoint as of July 1, 2018 under the acquisition method of accounting:

Identifiable net assets acquired, at fair value	July 1, 2018
	(Dollars in thousands)
Assets acquired
Cash and cash equivalents	$	147,551
Investment securities	392,858
Loans	2,352,717
Fixed assets	9,122
Core deposit intangible	71,943
Deferred tax assets	5,028
Other assets	97,005
Total assets acquired	$	3,076,224
Liabilities assumed
Deposits	$	2,506,929
Borrowings	254,923
Other Liabilities	24,859
Total liabilities assumed	2,786,711
Total fair value of identifiable net assets	289,513
Total merger consideration paid	602,152
Goodwill recognized	$	312,639

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

The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the years ended December 31, 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.

	Year Ended December 31,
	2020		2019
	(Dollar in thousands, except per share data)
Net interest and other income	$	777,663	$	778,924
Net (loss) income	67,579		251,640
Basic (loss) earnings per share	0.74		2.75
Diluted (loss) earnings per share	0.74		2.72

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

	2018
	(Dollars in thousands, except per share data)
Net interest and other income	$	473,748
Net income	133,565
Basic earnings per share	2.16
Diluted earnings per share	2.14