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ACQUISITIONS (Tables)
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
Purchase Price:
 
 
Fair value of shares of the Company's common stock issued & warrants converted
 
$
794,809

Cash paid for Xenith stock options
 
6,170

Total purchase price
 
$
800,979

 
 
 
Fair value of assets acquired:
 
 
Cash and cash equivalents
$
174,218

 
AFS securities
295,782

 
Restricted stock, at cost
27,569

 
Net loans
2,454,151

 
Premises and equipment
44,912

 
OREO
5,250

 
Core deposit intangibles
38,470

 
Other assets
202,871

 
Total assets
$
3,243,223

 
 
 
 
Fair value of liabilities assumed:
 
 
Deposits
$
2,549,683

 
Other short-term borrowings
235,000

 
Borrowings
55,542

 
Other liabilities
26,664

 
Total liabilities
$
2,866,889

 
 
 
 
Net assets acquired
 
$
376,334

Preliminary goodwill
 
$
424,645

Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans
The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):
Contractually required principal and interest payments
$
114,270

Nonaccretable difference
(19,800
)
Cash flows expected to be collected
94,470

Accretable difference
(15,206
)
Fair value of loans acquired with a deterioration of credit quality
$
79,264

Business Acquisition, Pro Forma Information
The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
 
Pro forma for the three months ended
 
Pro forma for the nine months ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Total revenues (1)
$
125,850

 
$
118,039

 
$
398,354

 
$
350,465

Net income
$
39,326

 
$
28,997

 
$
132,065

 
$
83,675

EPS
$
0.60

 
$
0.44

 
$
2.01

 
$
1.27

(1) Includes net interest income and noninterest income.