Business Combinations (Tables)

9 Months Ended

Sep. 30, 2016

Retail Branch [Member]

Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates

The following table presents the assets acquired and liabilities assumed as of March 11, 2016 and the initial fair value estimates (in thousands):

	Book Value		Fair Value Adjustment		Fair Value
Assets Acquired
Cash and cash equivalents	$	16,727	$	—	$	16,727
Loans		9		—		9
Other assets		15		—		15
Core deposit intangible		—		66		66
Total assets acquired	$	16,751	$	66	$	16,817
Liabilities Assumed
Deposits	$	16,953	$	4	$	16,957
Other liabilities		138		—		138
Total liabilities assumed	$	17,091	$	4	$	17,095
Goodwill					$	278

Cape Bancorp, Inc. [Member]

Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of total consideration paid (in thousands):

	At May 2, 2016
(in thousands)	Cape Book Value			Purchase Accounting Adjustments			Estimated Fair Value
Total Purchase Price:							$	196,403
Assets acquired:
Cash and cash equivalents	$	30,025		$	—		$	30,025
Securities and Federal Home Loan Bank Stock		218,577			361			218,938
Loans:		1,169,568						1,157,753
Specific credit fair value on credit impaired loans		—			(4,925	)		—
General credit fair value		—			(20,533	)		—
Interest rate fair value		—			1,888			—
Reverse allowance for loan losses		—			9,931			—
Reverse net deferred fees, premiums and discounts		—			1,824			—
Premises and equipment		27,972			(6,249	)		21,723
Other real estate owned		2,343			(347	)		1,996
Deferred tax asset		9,407			12,257			21,664
Other assets		61,793			—			61,793
Core deposit intangible		831			2,887			3,718
Total assets acquired		1,520,516			(2,906	)		1,517,610
Liabilities assumed:
Deposits		(1,247,688	)		(679	)		(1,248,367	)
Borrowings		(123,587	)		(879	)		(124,466	)
Other liabilities		(7,611	)		(5,224	)(A)		(12,835	)
Total liabilities assumed		(1,378,886	)		(6,782	)		(1,385,668	)
Net assets acquired	$	141,630		$	(9,688	)		131,942
Goodwill recorded in the merger							$	64,461

(A) Represents accrued liability related to the Pension Plan.

Schedule of Supplemental Pro Forma Financial Information

The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects.

(in thousands)	Cape Actual from May 2, 2016 to September 30, 2016		Pro forma Nine months ended September 30, 2016		Pro forma Nine months ended September 30, 2015
Net interest income	$	22,715	$	101,107	$	93,467
Provision for loan losses		250		3,329		3,650
Non-interest income		2,242		16,386		23,546
Non-interest expense		12,316		88,376		73,565
Net income	$	8,310	$	15,067	$	28,070
Earnings per share:
Fully diluted			$	0.59	$	1.12