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Mergers and Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2018
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 FSB and Collegiate acquisitions. Due to the timing of the acquisitions, the Company is continuing to obtain information to determine the fair values of the acquired assets and liabilities.
| FSB |  | Collegiate
(Dollars in thousands) | February 28, 2018 |  | January 31, 2018
Fair value of consideration transferred |  |  |
Fair value of Company shares issued, net of equity issuance costs | $ | 181,043 |  |  | 69,764 |
Cash consideration for outstanding shares | — |  |  | 16,265 |
Effective settlement of a pre-existing relationship | — |  |  | 10,054 |
Total fair value of consideration transferred | 181,043 |  |  | 96,083 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Identifiable assets acquired |  |  |
Cash and cash equivalents | 24,397 |  |  | 93,136 |
Debt securities | 271,865 |  |  | 42,177 |
Loans receivable | 627,767 |  |  | 354,252 |
Core deposit intangible 1 | 31,053 |  |  | 10,275 |
Accrued income and other assets | 78,325 |  |  | 15,911 |
Total identifiable assets acquired | 1,033,407 |  |  | 515,751 |
Liabilities assumed |  |  |
Deposits | 877,586 |  |  | 437,171 |
Borrowings 2 | 36,880 |  |  | 12,509 |
Accrued expenses and other liabilities | 14,175 |  |  | 5,435 |
Total liabilities assumed | 928,641 |  |  | 455,115 |
Total identifiable net assets | 104,766 |  |  | 60,636 |
Goodwill recognized | $ | 76,277 |  |  | 35,447 |
______________________________ 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 include Tier 2 subordinated debentures of $7,903,000.
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 FSB and Collegiate acquisitions had occurred on January 1, 2017:
| Three Months ended
(Dollars in thousands) | March 31, 2018 |  | March 31, 2017
Net interest income and non-interest income | $ | 130,068 |  |  | 120,646 |
Net income | 33,948 |  |  | 35,457 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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