Business Combination (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Purchase Price Calculation as of Acquisition Date and Identifiable Assets Acquired and Liabilities Assumed at their Fair Values

The following table provides the purchase price calculation as of the acquisition date and the identifiable assets acquired and the liabilities assumed at their fair values. These fair value measurements are based on internal and third-party valuations.

(In thousands)	As Recorded by Cadence
Assets
Cash and cash equivalents	$	414,342
Investment securities available-for-sale		667,865
Loans held for sale		148,469
Loans		3,324,056
Premises and equipment		65,646
Cash surrender value of life insurance		69,252
Intangible assets		117,038
Other assets		43,246
Total assets acquired	$	4,849,914
Liabilities
Deposits	$	4,096,665
Short term borrowings		23,899
Other liabilities		76,278
Total liabilities assumed		4,196,842
Net identifiable assets acquired over liabilities assumed	$	653,072
Goodwill	$	173,308
Net assets acquired over liabilities assumed	$	826,380
Consideration:
Cadence Bancorporation common shares issued		49,232,008
Fair value per share of the Company's common stock	$	16.78
Company common stock issued		826,113
Cash payment for fractional shares and the value of unexercised warrants		267
Fair value of total consideration transferred	$	826,380

Information about ACI Loans Acquired in State Bank Merger as of Acquisition Date

Information about the ACI loans acquired in the State Bank merger as of the acquisition date is as follows:

(In thousands)	Acquired Credit Impaired Loans
Contractually required principal and interest at acquisition	$	162,003
Contractual cash flows not expected to be collected (nonaccretable difference)		23,467
Expected cash flows at acquisition		138,536
Accretable difference		42,626
Basis in acquired loans at acquisition - estimated fair value	$	95,910

Schedule of Pro forma Information for the Results of Operations

The following table presents certain unaudited pro forma information for the results of operations for the quarters ended March 31, 2019 and 2018, as if State Bank had been acquired on January 1, 2018.

	Three Months Ended March 31,
	2019		2018
(In thousands)	Pro Forma		Pro Forma
Total revenues (net interest income and noninterest income)	$	195,554	$	186,256
Net income		72,049		55,989