Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

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)	SBAZ February 29, 2020	Heritage July 31, 2019	FNB April 30, 2019
Fair value of consideration transferred
Fair value of Company shares issued	112,133	229,385	87,153
Cash consideration	13,721	16,420	4
Total fair value of consideration transferred	125,854	245,805	87,157
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	57,434	84,446	11,311
Debt securities	142,174	103,231	47,247
Loans receivable, net of ACL	451,653	615,279	245,485
Core deposit intangible 1	2,593	13,566	8,963
Accrued income and other assets	33,971	35,891	24,848
Total identifiable assets acquired	687,825	852,413	337,854
Liabilities assumed
Deposits	603,289	722,220	274,646
Borrowings	10,904	—	7,273
Accrued expenses and other liabilities	5,373	9,919	10,079
Total liabilities assumed	619,566	732,139	291,998
Total identifiable net assets	68,259	120,274	45,856
Goodwill recognized	57,595	125,531	41,301

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

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 acquisition had occurred on January 1, 2019:

	Year ended
(Dollars in thousands)	December 31, 2020	December 31, 2019
Net interest income and non-interest income	777,869	664,789
Net income	265,289	218,365