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Business Combinations (Tables)
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Summary of Purchase Price Calculation
(In thousands, except per share data)
 
November 3, 2017
Shares exchanged for cash
 
$
15,694

 
 
 
Number of Palm Beach Community Bank common shares outstanding
 
2,507

Per share exchange ratio
 
0.9240

Number of shares of common stock issued
 
2,316

Multiplied by common stock price per share on November 3, 2017
 
$
24.31

Value of common stock issued
 
56,312

Total purchase price
 
$
72,006

(In thousands, except per share data)
 
October 20, 2017
Shares exchanged for cash
 
$
4,701

 
 
 
Number of NorthStar Banking Corporation common shares outstanding
 
1,958

Per share exchange ratio
 
0.5605

Number of shares of common stock issued
 
1,098

Multiplied by common stock price per share on October 20, 2017
 
$
24.92

Value of common stock issued
 
27,353

Cash paid for NorthStar Banking Corporation vested stock options
 
801

 
 
 
Total purchase price
 
$
32,855

(In thousands, except per share data)
 
April 7, 2017
Shares exchanged for cash
 
$
8,034

 
 
 
Number of GulfShore Bancshares, Inc. common shares outstanding
 
5,464

Per share exchange ratio
 
0.4807

Number of shares of common stock issued
 
2,627

Multiplied by common stock price per share on April 7, 2017
 
$
23.94

Value of common stock issued
 
62,883

 
 
 
Total purchase price
 
$
70,917
Schedule of Business Acquisitions
(In thousands)
Initially Reported
November 3, 2017
 
Measurement
Period
Adjustments
 
As Adjusted
November 3, 2017
Assets:
 

 
 

 
 

Cash
$
9,301

 
$
—

 
$
9,301

Investment securities
22,098

 
—

 
22,098

Loans, net
272,090

 
(1,772
)
 
270,318

Fixed assets
7,641

 
—

 
7,641

Core deposit intangibles
2,523

 
—

 
2,523

Goodwill
33,428

 
1,323

 
34,751

Other assets
9,909

 
449

 
10,358

   Totals
$
356,990

 
$
—

 
$
356,990

Liabilities:
 
 
 
 
 
Deposits
$
268,633

 
$
—

 
$
268,633

Other liabilities
16,351

 
—

 
16,351

   Totals
$
284,984

 
$
—

 
$
284,984

Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.
 
(In thousands)
Initially Reported
April 7, 2017
 
Measurement
Period
Adjustments
 
As Adjusted
April 7, 2017
Assets:
 

 
 

 
 

Cash
$
55,540

 
$
—

 
$
55,540

Investment securities
316

 
—

 
316

Loans, net
250,876

 
—

 
250,876

Fixed assets
1,307

 
—

 
1,307

Other real estate owned
13

 
—

 
13

Core deposit intangibles
3,927

 
—

 
3,927

Goodwill
37,098

 
—

 
37,098

Other assets
8,572

 
—

 
8,572

   Totals
$
357,649


—


$
357,649

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Deposits
$
285,350

 
$
—

 
$
285,350

Other liabilities
1,382

 
—

 
1,382

   Totals
$
286,732


—


$
286,732

Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.
 
(In thousands)    
Initially Reported
October 20, 2017
 
Measurement
Period
Adjustments
 
As Adjusted
October 20, 2017
Assets:
 

 
 

 
 

Cash
$
5,485

 
$
—

 
$
5,485

Investment securities
56,123

 
—

 
56,123

Loans, net
136,832

 
—

 
136,832

Fixed assets
2,637

 
—

 
2,637

Core deposit intangibles
1,275

 
—

 
1,275

Goodwill
12,404

 
(99
)
 
12,305

Other assets
1,522

 
99

 
1,621

   Totals
$
216,278

 
$
—

 
$
216,278

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Deposits
$
182,443

 
$
—

 
$
182,443

Other liabilities
980

 
—

 
980

  Totals
$
183,423

 
$
—

 
$
183,423

(In thousands, except per share data)
 
October 19, 2018
Number of First Green common shares outstanding
 
5,462

Per share exchange ratio
 
0.7324

Number of shares of Seacoast common stock issued
 
4,000

Multiplied by common stock price per share on October 19, 2018
 
$
26.87

Value of common stock issued
 
107,486

Cash paid for First Green stock options
 
6,558

Total purchase price
 
$
114,044
Schedule of Fair Value of Acquired Loans and Unpaid Principal Balance
The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.
 
 
 
As Adjusted
November 3, 2017
(In thousands)
 
Book Balance
 
Fair Value
Loans:
 
 

 
 

Single family residential real estate
 
$
30,153

 
$
30,990

Commercial real estate
 
134,705

 
132,089

Construction/development/land
 
69,686

 
67,425

Commercial loans
 
36,076

 
35,876

Consumer and other loans
 
179

 
172

Purchased Credit Impaired
 
4,768

 
3,766

Total acquired loans
 
$
275,567

 
$
270,318

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.
 
 
 
April 7, 2017
(In thousands)    
 
Book Balance
 
Fair Value
Loans:
 
 

 
 

Single family residential real estate
 
$
101,281

 
$
99,598

Commercial real estate
 
106,729

 
103,905

Construction/development/land
 
13,175

 
11,653

Commercial loans
 
32,137

 
32,247

Consumer and other loans
 
3,554

 
3,473

Purchased credit-impaired
 
—

 
—

Total acquired loans
 
$
256,876

 
$
250,876

 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.
 
 
 
October 20, 2017
(In thousands)
 
Book Balance
 
Fair Value
Loans:
 
 

 
 

Single family residential real estate
 
$
15,111

 
$
15,096

Commercial real estate
 
73,139

 
69,554

Construction/development/land
 
11,706

 
10,390

Commercial loans
 
31,200

 
30,854

Consumer and other loans
 
6,761

 
6,645

Purchased Credit Impaired
 
5,527

 
4,293

Total acquired loans
 
$
143,444

 
$
136,832
Schedule of Contractually Required Principal and Interest Payments Adjusted for Estimated Prepayments
Contractually required principal and interest payments have been adjusted for estimated prepayments.

(In thousands)
 
October 20, 2017
Contractually required principal and interest
 
$
5,596

Non-accretable difference
 
(689
)
Cash flows expected to be collected
 
4,907

Accretable yield
 
(614
)
Total purchased credit-impaired loan acquired
 
$
4,293

The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of November 3, 2017 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments.
(In thousands)
 
November 3, 2017
Contractually required principal and interest
 
$
4,768

Non-accretable difference
 
(1,002
)
Cash flows expected to be collected
 
3,766

Accretable yield
 
—

Total purchased credit-impaired loan acquired
 
$
3,766
Summary of Pro-Forma Data including Acquisition of Gulfshore, NSBC and PBCB
Pro-forma data for the three and nine months ended September 30, 2017 as if the acquisitions of GulfShore, NSBC and PBCB occurred at the beginning of 2017 is as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands, except per share amounts)
 
2017
 
2017
Net interest income
 
$
51,115

 
$
146,668

Net income
 
16,321

 
37,149

EPS - basic
 
0.35

 
0.81

EPS - diluted
 
0.35

 
0.80