Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired

The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio loans acquired from Carolina Financial as of the Acquisition Date:

Purchase price of PCD loans at acquisition	$	1,053,014
Allowance for credit losses at acquisition		18,635
Non-credit discount at acquisition		10,259
Par value (UPB) of acquired PCD loans at acquisition	$	1,081,908

Summary of Business Acquisitions, by Acquisition

The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows:

Purchase price:
Value of common shares issued (28,031,501 shares)	$	815,997
Fair value of stock options assumed		1,833
Cash for fractional shares		47
Total purchase price		817,877
Identifiable assets:
Cash and cash equivalents		629,154
Investment securities		580,849
Loans held for sale		65,757
Net loans		3,242,812
Premises and equipment		83,859
Operating lease right-of-use asset		9,861
Crescent Mortgage trade name intangible		1,370
Core deposit intangible		3,037
Mortgage servicing rights		20,123
Other assets		166,175
Total identifiable assets	$	4,802,997
Identifiable liabilities:
Deposits	$	3,884,977
Short-term borrowings		332,000
Long-term borrowings		42,738
Operating lease liability		9,861
Other liabilities		32,309
Total identifiable liabilities		4,301,885
Preliminary fair value of net assets acquired including identifiable intangible assets		501,112
Preliminary resulting goodwill	$	316,765

Summary of Business Acquisition, Pro Forma Information

	Proforma Six Months Ended June 30
	2020		2019
Total Revenues (1)	$	485,327	$	461,393
Net Income		71,420		165,930

(1)   Represents net interest income plus other income