Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

Summary of total transaction consideration value

The value of the total transaction consideration paid amounted to approximately $749.6 million.


	May 29, 2020
Merger consideration	(Dollars in thousands)


Value of stock consideration paid to shareholders	$	747,458
Cash paid in lieu of fractional shares	2
Value of restricted stock awards	328
Value of options and warrants	1,817
Total merger consideration	$	749,605

Schedule of assets acquired and liabilities assumed

The following table summarizes the estimated fair value of assets acquired and liabilities assumed of Opus as of June 1, 2020 under the acquisition method of accounting:


Identifiable net assets acquired, at fair value		June 1, 2020
	(Dollars in thousands)
Assets acquired
Cash and cash equivalents		$	937,102
Interest bearing time deposits with financial institutions		137
Investment securities		829,891
Loans		5,805,655
Allowance for credit losses		(21,242)
Premises and equipment		22,121
Intangible assets		19,267
Deferred tax assets		44,335
Other assets		367,115
Total assets acquired		$	8,004,381
Liabilities assumed
Deposits		$	6,915,990
FHLB advances and other borrowings		213,491
Subordinated debt		138,653
Other liabilities		79,486
Total liabilities assumed		7,347,620
Total fair value of identifiable net assets		656,761
Total merger consideration		749,605
Goodwill recognized		$	92,844

Summary of pro forma financial information

The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the six months ended June 30, 2020 and 2019 as if Opus had been acquired on January 1, 2019. This unaudited pro forma information combines the historical results of Opus with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.


	Three Months Ended						Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
	(Dollar in thousands, except per share data)
Net interest and other income	$	203,240	$	190,946	$	375,984	$	383,408
Net (loss) income	(62,479)		54,711		(119,391)		111,644
Basic (loss) earnings per share	(0.67)		0.59		(1.29)		1.20
Diluted (loss) earnings per share	(0.67)		0.58		(1.29)		1.18