Business Combinations (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Purchase Price Calculation

(In thousands, except per share data)	October 19, 2018
Shares exchanged for cash	$	5,462
Per share exchange ratio	0.7324
Number of shares of common stock issued	4,000
Multiplied by common stock price per share on October 19, 2018	$	26.87
Value of common stock issued	107,486
Cash paid for First Green vested stock options	6,558
Total purchase price	$	114,044

Schedule of Business Acquisitions

The adjustments reflected in the table below are the result of information obtained subsequent to the initial measurement.

(In thousands)	Initially Measured October 19, 2018		Measurement Period Adjustments			As Adjusted October 19, 2018
Assets:
Cash	$	29,434	$	—		$	29,434
Investment securities	32,145		—			32,145
Loans, net	631,497		—			631,497
Fixed assets	16,828		—			16,828
Other real estate owned	410		—			410
Core deposit intangibles	10,170		(678		)	9,492
Goodwill	56,198		532			56,730
Other assets	40,669		181			40,850
Totals	$	817,351	$	35		$	817,386
Liabilities:
Deposits	$	624,289	$	—		$	624,289
Other liabilities	79,018		35			79,053
Totals	$	703,307	$	35		$	703,342

Schedule of Fair Value of Acquired Loans and Unpaid Principal Balance

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.

	October 19, 2018
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	101,674	$	101,119
Commercial real estate	437,767		406,613
Construction/development/land	61,195		58,385
Commercial loans	56,288		54,973
Consumer and other loans	9,156		8,942
Purchased Credit Impaired	2,136		1,465
Total acquired loans	$	668,216	$	631,497

Schedule of Contractually Required Principal and Interest Payments Adjusted for Estimated Prepayments

The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of October 19, 2018 for PCI loans. Contractually required principal and interest payments have been adjusted for estimated prepayments.

(In thousands)	October 19, 2018
Contractually required principal and interest	$	2,136
Non-accretable difference	(671		)
Cash flows expected to be collected	1,465
Accretable yield	—
Total purchased credit-impaired loans acquired	$	1,465

Schedule of Pro-Forma Data

Pro-forma data for the three and nine months ended September 30, 2018 presents information as if the acquisition of First Green occurred at the beginning of 2018, as follows:

(In thousands, except per share amounts)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Net interest income	$	59,670	$	174,416
Net income	21,070		64,440
EPS - basic	$	0.41	$	1.26
EPS - diluted	0.40		1.24