Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

For the year ended December 31, 2016, 2015 and 2014, the Company incurred $866,000, $10.4 million and $0, respectively, of acquisition-related costs as detailed below:



	For The Year Ended December 31,
	2016		2015		2014
Salaries and employee benefits⁽¹⁾	$	8	$	3,240	$	—
Furniture, equipment and data processing	279		1,531		—
Net occupancy	439		1,237		—
Consulting and professional fees⁽²⁾	80		2,453		—
Other expenses⁽³⁾	60		1,954		—
Total merger and acquisition costs	$	866	$	10,415	$	—


(1)	Includes the costs associated with pre-existing change-in-control agreements in place at the time of the Merger and employee termination costs, including severance.


(2)	Includes the cost of a negotiated non-compete arrangement entered into in connection with the Merger of $400,000 in 2015.


(3)	Other expenses include marketing and insurance costs, certain contract termination costs, various printing and mailing costs associated with various customer communications, and travel-related costs associated with the integration of the two companies in 2015.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition:



	As Acquired		Fair Value Adjustments (Previously Reported)			Measurement-Period Adjustments		As Recorded at Acquisition
Consideration Paid:
Cash								$	26,125
Company common stock (4,124,643 shares at $26.32 per share)								108,561
Non-qualified stock options								1,990
Total consideration paid								136,676
Recognized identifiable assets acquired and liabilities assumed, at fair value:
Loans and loans held for sale	$	639,390	$	(11,497	)	$	137	628,030
Cash and due from banks	86,042		—			—		86,042
Investments	39,716		26			—		39,742
Deferred tax assets	26,293		(1,177		)	666		25,782
Premises and equipment	16,851		7,093			—		23,944
OREO	2,530		(1,801		)	—		729
Core deposit intangible assets	—		6,608			—		6,608
Other assets	5,421		(170		)	157		5,408
Deposits and borrowings	719,640		1,546			—		721,186
Other liabilities	8,512		(198		)	—		8,314
Total identified assets acquired and liabilities assumed, at fair value	$	88,091	$	(2,266	)	$	960	86,785
Goodwill								$	49,891