Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.19.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
Purchase Price:
 
 
Fair value of shares of the Company's common stock issued
 
$
499,974

Cash paid for fractional shares
 
12

Total purchase price
 
$
499,986

 
 
 
Fair value of assets acquired:
 
 
Cash and cash equivalents
$
46,164

 
Investments
464,742

 
Loans
2,175,525

 
Premises and equipment
27,675

 
Core deposit intangibles
40,860

 
Other assets
103,082

 
Total assets
$
2,858,048

 
 
 
 
Fair value of liabilities assumed:
 
 
Deposits
$
2,227,073

 
Short-term borrowings
220,685

 
Long-term borrowings
70,535

 
Other liabilities
40,345

 
Total liabilities
$
2,558,638

 
 
 
 
Net assets acquired
 
$
299,410

Preliminary goodwill
 
$
200,576

Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans
The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):
Contractually required principal and interest payments
$
24,329

Nonaccretable difference
(4,003
)
Cash flows expected to be collected
20,326

Accretable difference
(2,432
)
Fair value of loans acquired with a deterioration of credit quality
$
17,894

Business Acquisition, Pro Forma Information
The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
 
Pro forma for the three months ended
 
March 31,
 
2019
 
2018
 
(unaudited)
 
(unaudited)
Total revenues (1)
$
163,210

 
$
156,414

Net income
$
52,336

 
$
24,667

EPS
$
0.64

 
$
0.30

(1) Includes net interest income and noninterest income.