Acquisitions (Tables)

6 Months Ended

Jun. 30, 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	445,299			(2,376		)	442,923
Loans, gross	1,384,949			(20,261		)	1,364,688
Allowance for loan losses	(17,200		)	17,200			—
Fixed assets	35,567			(665		)	34,902
Core deposit intangible	3,207			24,916			28,123
Deferred tax assets	17,850			(7,606		)	10,244
Other assets	55,235			(21		)	55,214
Total assets acquired	$	2,003,635		$	11,187		$	2,014,822
LIABILITIES ASSUMED
Deposits	1,668,085			1,465			1,669,550
Borrowings	139,150			(116		)	139,034
Other Liabilities	8,059			293			8,352
Total liabilities assumed	1,815,294			1,642			1,816,936
Excess of assets acquired over liabilities assumed	$	188,341		$	9,545		197,886
Consideration paid							467,439
Goodwill recognized							$	269,553

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:



	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			10,575			10,773
Deferred tax assets	11,849			(6,343		)	5,506
Other assets	19,495			(589		)	18,906
Total assets acquired	$	1,245,740		$	10,000		$	1,255,740
LIABILITIES ASSUMED
Deposits	$	1,081,727		$	1,224		$	1,082,951
Borrowings	40,755			397			41,152
Other liabilities	8,956			(451		)	8,505
Total liabilities assumed	1,131,438			1,170			1,132,608
Excess of assets acquired over liabilities assumed	$	114,302		$	8,830		123,132
Consideration paid							245,761
Goodwill recognized							$	122,629

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2018		2018		2017		2018		2017
	(dollars in thousands)
Net interest and other income	$	87,969	$	86,694	$	85,210	$	174,663	$	163,050
Net income	27,303		28,002		17,710		55,305		31,481
Basic earnings per share	0.59		0.61		0.39		1.20		0.69
Diluted earnings per share	0.58		0.60		0.38		1.18		0.68