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Mergers and Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Summary of the allocation of purchase price to assets and liabilities acquired | The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Metropolitan based on their fair values on July 1, 2017.
Purchase Price: |  |
Shares issued to common shareholders | 4,883,182 |  |
Purchase price per share | $ | 43.74 |  |
Value of stock paid |  | $ | 213,590 |
Cash paid for fractional shares |  | 5 |
Cash settlement for stock options |  | 4,764 |
Deal charges, net of taxes |  | 1,102 |
Total Purchase Price |  | $ | 219,461 |
Net Assets Acquired: |  |
Stockholders’ equity at acquisition date | $ | 89,253 |  |
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: |  |
Securities | (731 | ) |
Mortgage loans held for sale | 30 |  |
Loans, net of Metropolitan’s allowance for loan losses | (13,071 | ) |
Premises and equipment | (4,629 | ) |
Intangible assets, net of Metropolitan’s existing intangibles | 2,340 |  |
Other real estate owned | (1,251 | ) |
Other assets | 2,731 |  |
Deposits | (3,603 | ) |
Borrowings | (1,294 | ) |
Other liabilities | 3,930 |  |
Deferred income taxes | 5,244 |  |
Total Net Assets Acquired |  | $ | 78,949 |
Goodwill resulting from merger(1) |  | $ | 140,512 |
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.
Summary of the fair value of assets acquired and liabilities assumed | The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed on that date in connection with the merger with Metropolitan.
Cash and cash equivalents |  | $ | 47,556 |
Securities |  | 108,697 |
Loans, including mortgage loans held for sale, net of unearned income |  | 967,804 |
Premises and equipment |  | 8,576 |
Other real estate owned |  | 1,203 |
Intangible assets |  | 147,478 |
Other assets |  | 69,567 |
Total assets |  | $ | 1,350,881 |
Deposits |  | $ | 942,084 |
Borrowings |  | 174,522 |
Other liabilities |  | 20,685 |
Total liabilities |  | $ | 1,137,291 |
Pro forma combined condensed consolidated financial information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the six months ended June 30, 2018 and 2017 of the Company as though the Metropolitan merger had been completed as of January 1, 2016. The unaudited pro forma information combines the historical results of Metropolitan with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2016. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.
| (Unaudited)
| Six Months Ended
| June 30,
| 2018 |  | 2017
Net interest income - pro forma | $ | 181,629 |  |  | $ | 173,508 |
Net income - pro forma | $ | 70,536 |  |  | $ | 46,912 |
Earnings per share - pro forma: |  |  |
Basic | $ | 1.43 |  |  | $ | 1.00 |
Diluted | $ | 1.42 |  |  | $ | 1.00 |

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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 a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -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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