Business Combination (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Merger Related Expenses

The following table summarizes the merger related expenses for the years ended December 31, 2018, 2017 and 2016 is as follows:

	For the Year Ended December 31,
	2018		2017		2016
	(in thousands)
Data processing fees	$	6,017	$	3,956	$	4,844
Professional fees	4,414		2,771		5,982
Employee severance payments	15,660		1,177		5,457
Other/miscellaneous fees	820		389		251
Merger related expenses	$	26,911	$	8,293	$	16,534

Schedule of Estimated Fair Value of the Assets Acquired and the Liabilities Assumed as Date of Acquisition

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the

acquisition for Sun, net of the total consideration paid (in thousands):

	At January 31, 2018
	Sun Book Value			Purchase Accounting Adjustments			Estimated Fair  Value
Total Purchase Price:							$	474,930
Assets acquired:
Cash and cash equivalents	$	68,632		$	—		$	68,632
Securities	254,522			—			254,522
Loans	1,541,868			(24,523		)	1,517,345
Accrued interest receivable	5,621			—			5,621
Bank Owned Life Insurance	85,238			—			85,238
Deferred tax asset	55,710			1,864			57,574
Other assets	49,561			(6,359		)	43,202
Core deposit intangible	—			11,897			11,897
Total assets acquired	2,061,152			(17,121		)	2,044,031
Liabilities assumed:
Deposits	(1,614,910		)	(1,163		)	(1,616,073		)
Borrowings	(142,567		)	14,840			(127,727		)
Other liabilities	(14,372		)	1,130			(13,242		)
Total liabilities assumed	(1,771,849		)	14,807			(1,757,042		)
Net assets acquired	$	289,303		$	(2,314	)	$	286,989
Goodwill recorded in the merger							$	187,941

Business Acquisition, Pro Forma Information

	Sun Actual from January 31, 2018 to December 31, 2018		Cape Actual from May 2, 2016 to December 31, 2016		Ocean Shore Actual from December 1, 2016 to December 31, 2016			Pro forma Year ended December 31, 2018		Pro forma Year ended December 31, 2017		Pro forma Year ended December 31, 2016
(in thousands, except per share amounts)	(Unaudited)
Net interest income	$	63,889	$	34,565	$	3,109		$	246,642	$	242,508	$	236,852
Provision for loan losses	1,215		498		—			3,490		2,914		2,718
Non-interest income	7,961		3,503		349			35,642		38,960		39,150
Non-interest expense	35,184		19,258		1,337			203,733		191,342		226,782
Provision (benefit) for income taxes	7,090		6,947		(60		)	12,911		23,675		(40,177		)
Net income	$	28,361	$	12,311	$	1,397		$	62,150	$	63,537	$	86,679
Fully diluted earnings per share								$	1.27	$	1.32	$	1.84

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense for the core deposit intangible over the next five years is as follows (in thousands):

For the Year Ended December 31,	Amortization Expense
2019	$	3,583
2020	3,156
2021	2,730
2022	2,303
2023	1,876
Thereafter	3,323
Total	$	16,971