Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of assets acquired and liabilities assumed and the provisional fair value adjustments and amounts recorded

The following table represents the assets acquired and liabilities assumed of HEOP as of April 1, 2017 and the fair value adjustments and amounts recorded by the Company in 2017 under the acquisition method of accounting:



	HEOP Book Value			Fair Value Adjustments			Fair Value
ASSETS ACQUIRED	(dollars in thousands)
Cash and cash equivalents	$	78,728		$	—		$	78,728
Investment securities	447,520			(4,597		)	442,923
Loans, gross	1,387,949			(23,300		)	1,364,649
Allowance for loan losses	(17,200		)	17,200			—
Fixed assets	35,567			(665		)	34,902
Core deposit intangible	—			28,123			28,123
Deferred tax assets	17,850			(6,567		)	11,283
Other assets	55,223			(9		)	55,214
Total assets acquired	$	2,005,637		$	10,185		$	2,015,822
LIABILITIES ASSUMED
Deposits	1,668,079			1,471			1,669,550
Borrowings	141,996			(2,962		)	139,034
Other Liabilities	7,290			771			8,061
Total liabilities assumed	1,817,365			(720		)	1,816,645
Excess of assets acquired over liabilities assumed	$	188,272		$	10,905		199,177
Consideration paid							468,131
Goodwill recognized							$	268,954

The following table represents the assets acquired and liabilities assumed of Plaza as of November 1, 2017 and the fair value adjustments and amounts recorded by the Company in 2017 under the acquisition method of accounting, which are subject to adjustment for up to one year after the merger date:



	Plaza Book Value			Fair Value Adjustments			Fair Value
ASSETS ACQUIRED	(dollars in thousands)
Cash and cash equivalents	$	150,459		$	—		$	150,459
Loans, gross	1,069,359			(6,458		)	1,062,901
Allowance for loan losses	(13,009		)	13,009			—
Fixed assets	7,389			(194		)	7,195
Core deposit intangible	198			11,382			11,580
Deferred tax assets	11,849			(6,859		)	4,990
Other assets	19,495			(330		)	19,165
Total assets acquired	$	1,245,740		$	10,550		$	1,256,290
LIABILITIES ASSUMED
Deposits	$	1,081,727		$	1,224		$	1,082,951
Borrowings	40,755			397			41,152
Other Liabilities	8,956			(622		)	8,334
Total liabilities assumed	1,131,438			999			1,132,437
Excess of assets acquired over liabilities assumed	$	114,302		$	9,551		123,853
Consideration paid							245,761
Goodwill recognized							$	121,908

Schedule of contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates

For loans acquired from Plaza and HEOP, the contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates were as follows:



	Acquired Loans
	Plaza		HEOP
	(dollars in thousands)
Contractual amounts due	$	1,708,685	$	1,717,191
Cash flows not expected to be collected	20,152		4,442
Expected cash flows	1,688,533		1,712,749
Interest component of expected cash flows	625,592		348,100
Fair value of acquired loans	$	1,062,941	$	1,364,649

Summary of pro forma net interest and other income, net income and earnings per share

There were no material, nonrecurring adjustments to the pro forma net interest and other income, net income and earnings per share presented below:



	Three Months Ended
	March 31,		December 31,		March 31,
	2018		2017		2017
	(dollars in thousands)
Net interest and other income	$	86,694	$	90,469	$	77,840
Net income	28,002		12,189		13,771
Basic earnings per share	0.61		0.27		0.30
Diluted earnings per share	0.60		0.26		0.30