Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

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 SBAZ acquisition. The Company is continuing to obtain information to determine the fair values of assets acquired and liabilities assumed.

(Dollars in thousands)	SBAZ February 29, 2020
Fair value of consideration transferred
Fair value of Company shares issued	$	112,133
Cash consideration	13,721
Total fair value of consideration transferred	125,854
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	57,434
Debt securities	142,174
Loans receivable, net of ACL	451,653
Core deposit intangible 1	2,593
Accrued income and other assets	33,318
Total identifiable assets acquired	687,172
Liabilities assumed
Deposits	603,289
Borrowings	10,904
Accrued expenses and other liabilities	4,062
Total liabilities assumed	618,255
Total identifiable net assets	68,917
Goodwill recognized	$	56,937

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

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 SBAZ acquisition had occurred on January 1, 2019:

	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2020		June 30, 2019	June 30, 2020	June 30, 2019
Net interest income and non-interest income	$	189,443	158,580	362,336	309,645
Net income	63,444		54,645	105,672	105,601