XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisition Activity (Tables)
3 Months Ended
Mar. 31, 2018
Gibraltar Private Bank & Trust Company [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions
(Dollars in thousands)
Number of Shares
 
Amount
Equity consideration
 
 
 
Common stock issued
2,787,773

 
$
214,659

Total equity consideration
 
 
214,659

Non-equity consideration
 
 
 
Cash
 
 
7

Total consideration paid
 
 
214,666

Fair value of net assets assumed including identifiable intangible assets
 
 
172,136

Goodwill
 
 
$
42,530

(Dollars in thousands)
Gibraltar Fair Value (Preliminary)
Assets
 
Cash and cash equivalents
$
102,570

Investment securities
19,169

Equity securities
27,519

Loans
1,465,319

Core deposit intangible assets
18,529

Deferred tax asset, net
689

Other assets
14,382

Total assets acquired
$
1,648,177

Liabilities
 
Deposit liabilities
$
1,064,803

Long-term borrowings
405,107

Other liabilities
6,131

Total liabilities assumed
$
1,476,041


Solomon Parks Title & Escrow [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions
(Dollars in thousands)
SolomonParks Fair Value (Preliminary)
Assets
 
Premise and equipment, net
$
42

Non-compete agreement
156

Title Plant investment
15

Total assets acquired
$
213

Liabilities
 
Contingent consideration
$
343

Total liabilities assumed
$
343

Sabadell United  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions
(Dollars in thousands)
Number of Shares
 
Amount
Equity consideration
 
 
 
Common stock issued
2,610,304

 
$
211,043

Total equity consideration
 
 
211,043

Non-equity consideration
 
 
 
Cash
 
 
809,159

Total consideration paid
 
 
1,020,202

Fair value of net assets assumed including identifiable intangible assets
 
 
556,799

Goodwill
 
 
$
463,403

(Dollars in thousands)
Sabadell United Fair Value (Preliminary)
Assets
 
Cash and cash equivalents
$
318,834

Investment securities
964,123

Loans
4,025,946

Core deposit intangible assets
66,600

Deferred tax asset, net
33,469

Other assets
89,745

Total assets acquired
$
5,498,717

Liabilities
 
Deposit liabilities
$
4,382,780

Short-term borrowings
520,539

Other liabilities
38,599

Total liabilities assumed
$
4,941,918

Schedule of Pro Forma Information
The following table presents unaudited pro forma information as if the acquisition occurred on January 1, 2016 under the "Unaudited Pro Forma" column. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired Sabadell United on January 1, 2016. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts.

 
 
 
 
Unaudited Pro Forma for
 
(Dollars in thousands)
 
 
 
Three months ended March 31, 2017
 
Net interest income
 
 
 
$
231,087

 
Non-interest income
 
 
 
54,755

 
Net income
 
 
 
43,562