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Business Combination and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations and Intangible Assets [Abstract]

Summary of Fair Value Adjustments From Acquisition

Cash consideration (in thousands):
SBPR purchase price	$	550,000
Premium on USVI deposits		10,000
BNS USVI net liabilities assumed		(182,244)
BNS PR net assets acquired		52,681
Total cash consideration		430,437
Cash consideration paid on December 31, 2019		425,242
Cash consideration payable	$	5,195

	December 31, 2019
				Fair Value
	Book Value			Adjustments, net			Fair Value
	(In thousands)
Cash and cash equivalents	$	492,512		$	-		$	492,512
Investments		576,319			(102)			576,217
Loans		2,237,337			(21,134)			2,216,203
Accrued interest receivable		7,722			(2,952)			4,770
Foreclosed real estate		8,636			(352)			8,284
Deferred tax asset, net		37,606			22,335			59,941
Premises and equipment		10,866			(1,068)			9,798
Servicing asset		40,258			206			40,464
Core deposit intangible		-			41,507			41,507
Customer relationship intangible		-			12,693			12,693
Other intangible		-			567			567
Operating lease right-of-use assets		15,452			4,011			19,463
Other assets		86,016			(6,507)			79,509
Total identifiable assets acquired		3,512,724			49,204			3,561,928
Deposits		3,028,066			(2,607)			3,025,459
Operating lease liability		16,317			2,091			18,408
Accrued expenses and other liabilities		87,309			-			87,309
Total liabilities assumed		3,131,692			(516)			3,131,176
Total identifiable net assets							$	430,752
Bargain purchase gain								315
Total consideration							$	430,437

Summary of Pro Forma Results from Acquisition

	Year Ended December 31,
	2019			2018
	(In thousands)
Net interest income	$	478,293		$	488,791
Net income		147,848			161,555
Earnings per share:
Basic		3.01			3.55
Diluted		2.99			3.25

X

- 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/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472

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