Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Consideration transferred, identifiable net assets acquired and resulting goodwill

The following table discloses the preliminary fair value estimates of the consideration transferred, the total identifiable net assets acquired and the resulting goodwill arising from the Heritage and FNB acquisitions. The Company is continuing to obtain information to determine the fair values of the acquired assets and liabilities.

(Dollars in thousands)	Heritage July 31, 2019		FNB April 30, 2019
Fair value of consideration transferred
Fair value of Company shares issued	$	229,385	$	87,153
Cash consideration	16,420		4
Total fair value of consideration transferred	245,805		87,157
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	84,446		11,311
Debt securities	103,231		47,247
Loans receivable	615,279		245,485
Core deposit intangible 1	13,566		8,963
Accrued income and other assets	35,891		24,848
Total identifiable assets acquired	852,413		337,854
Liabilities assumed
Deposits	722,220		274,646
Borrowings 2	—		7,273
Accrued expenses and other liabilities	9,923		10,079
Total liabilities assumed	732,143		291,998
Total identifiable net assets	120,270		45,856
Goodwill recognized	$	125,535	$	41,301

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¹ The core deposit intangible for each acquisition was determined to have an estimated life of 10 years.

² Borrowings assumed with the FNB acquisition include Tier 1 subordinated debentures of $5,864,000.

Unaudited Pro Forma Summary of the Company as if the Acquisitions had Occurred at the Beginning of the Period

The following unaudited pro forma summary presents consolidated information of the Company as if the Heritage and FNB acquisitions had occurred on January 1, 2018:

	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2019		September 30, 2018	September 30, 2019	September 30, 2018
Net interest income and non-interest income	$	177,932	161,836	498,073	449,582
Net income	47,424		57,877	158,635	152,484