Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Consideration transferred, identifiable net assets acquired and resulting goodwill

The following table discloses the fair value estimates of the consideration transferred, the total identifiable net assets acquired and the resulting goodwill arising from the acquisitions:


(Dollars in thousands)	Heritage July 31, 2019		FNB April 30, 2019	FSB February 28, 2018	Collegiate January 31, 2018
Fair value of consideration transferred
Fair value of Company shares issued	$	229,385	87,153	181,043	69,764
Cash consideration	16,420		4	—	16,265
Effective settlement of a pre-existing relationship	—		—	—	10,054
Total fair value of consideration transferred	245,805		87,157	181,043	96,083
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	84,446		11,311	24,397	93,136
Debt securities	103,231		47,247	271,865	42,177
Loans receivable	615,279		245,485	627,767	354,252
Core deposit intangible ¹	13,566		8,963	31,053	10,275
Accrued income and other assets	35,891		24,848	78,274	15,911
Total identifiable assets acquired	852,413		337,854	1,033,356	515,751
Liabilities assumed
Deposits	722,220		274,646	877,586	437,171
Borrowings ²	—		7,273	36,880	12,509
Accrued expenses and other liabilities	9,919		10,079	14,175	5,435
Total liabilities assumed	732,139		291,998	928,641	455,115
Total identifiable net assets	120,274		45,856	104,715	60,636
Goodwill recognized	$	125,531	41,301	76,328	35,447

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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 FSB acquisition included Tier 2 subordinated debentures of $5,864,000.

Unaudited Pro Forma Summary of the Company as if the 2019 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:


	Year ended
(Dollars in thousands)	December 31, 2019	December 31, 2018
Net interest income and non-interest income	662,937	608,787
Net income	216,045	209,004

Unaudited Pro Forma Summary of the Company as if the 2018 Acquisitions had Occurred at the Beginning of the Period

The following unaudited pro forma summary presents consolidated information of the Company as if the FSB and Collegiate acquisitions had occurred on January 1, 2017:


	Years ended
(Dollars in thousands)	December 31, 2018		December 31, 2017
Net interest income and non-interest income	$	560,979	520,634
Net income	177,267		138,042