Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

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

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

	PLZZ			Fair Value			Fair
	Book Value			Adjustment			Value
	(dollars in thousands)
ASSETS ACQUIRED
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			(1,424		)	5,965
Core deposit intangible	198			10,575			10,773
Deferred tax assets	11,849			(6,123		)	5,726
Other assets	19,495			(589		)	18,906
Total assets acquired	$	1,245,740		$	8,990		$	1,254,730
LIABILITIES ASSUMED
Deposits	$	1,081,727		$	1,224		$	1,082,951
Borrowings	40,755			397			41,152
Other Liabilities	8,956			(450		)	8,506
Total liabilities assumed	1,131,438			1,171			1,132,609
Excess of assets acquired over liabilities assumed	$	114,302		$	7,819		122,121
Consideration paid							245,761
Goodwill recognized							$	123,640

The following table represents the Grandpoint assets acquired and liabilities assumed as of July 1, 2018 and the fair value adjustments and amounts recorded by the Company under the acquisition method of accounting:

	Grandpoint			Fair Value			Fair
	Book Value			Adjustment			Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	147,551		$	—		$	147,551
Investment securities	395,905			(3,047		)	392,858
Loans, gross	2,404,042			(51,325		)	2,352,717
Allowance for loan losses	(18,665		)	18,665			—
Fixed assets	6,015			3,107			9,122
Core deposit intangible	5,093			66,850			71,943
Deferred tax assets	14,185			(9,157		)	5,028
Other assets	97,441			(436		)	97,005
Total assets acquired	$	3,051,567		$	24,657		$	3,076,224
LIABILITIES ASSUMED
Deposits	$	2,506,663		$	266		$	2,506,929
Borrowings	255,155			(232		)	254,923
Other Liabilities	23,687			1,172			24,859
Total liabilities assumed	2,785,505			1,206			2,786,711
Excess of assets acquired over liabilities assumed	$	266,062		$	23,451		289,513
Consideration paid							602,152
Goodwill recognized							$	312,639

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 Grandpoint, PLZZ 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
	Grandpoint		PLZZ		HEOP
	(dollars in thousands)
Contractual amounts due	$	3,496,905	$	1,708,685	$	1,717,230
Cash flows not expected to be collected	39,071		20,152		4,442
Expected cash flows	3,457,834		1,688,533		1,712,788
Interest component of expected cash flows	1,105,117		625,632		348,100
Fair value of acquired loans	$	2,352,717	$	1,062,901	$	1,364,688

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

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

	Year Ended December 31,
	2018		2017
	(dollars in thousands, except per share data)
Net interest and other income	$	473,748	$	465,400
Net income	133,565		96,758
Basic earnings per share	2.16		1.58
Diluted earnings per share	2.14		1.56