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Business Combinations and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2018
Triumph Healthcare Finance |
Business Acquisition [Line Items] |
Summary of Assets Held for Sale and Consideration Received and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows:
(Dollars in thousands) |  |  |  |
Carrying amount of assets in the disposal group: |  |  |  |
Loans |  | $ | 70,147 |
Premises and equipment, net |  |  | 19 |
Goodwill |  |  | 1,457 |
Intangible assets, net |  |  | 958 |
Other assets |  |  | 197 |
Total carrying amount |  |  | 72,778 |
Total consideration received |  |  | 74,017 |
Gain on sale of division |  |  | 1,239 |
Transaction costs |  |  | 168 |
Gain on sale of division, net of transaction costs |  | $ | 1,071 |
Triumph Capital Advisors, LLC |
Business Acquisition [Line Items] |
Summary of Assets Held for Sale and Consideration Received and Gain on Sale | A summary of the consideration received and the gain on sale is as follows:
(Dollars in thousands) |  |  |  |
Consideration received (fair value): |  |  |  |
Cash |  | $ | 10,554 |
Loan receivable |  |  | 10,500 |
Revenue share |  |  | 1,623 |
Total consideration received |  |  | 22,677 |
Carrying value of TCA membership interest |  |  | 1,417 |
Gain on sale of subsidiary or division |  |  | 21,260 |
Transaction costs |  |  | 400 |
Gain on sale of subsidiary or division, net of transaction costs |  | $ | 20,860 |
First Bancorp of Durango, Inc. And Southern Colorado Corp. |
Business Acquisition [Line Items] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimate fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |
Assets acquired: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 151,973 |  |  | $ | 14,299 |  |  | $ | 166,272 |
Securities |  |  | 237,183 |  |  |  | 33,477 |  |  |  | 270,660 |
Loans held for sale |  |  | 1,238 |  |  |  | — |  |  |  | 1,238 |
Loans |  |  | 256,384 |  |  |  | 31,454 |  |  |  | 287,838 |
FHLB stock |  |  | 786 |  |  |  | 129 |  |  |  | 915 |
Premises and equipment |  |  | 7,495 |  |  |  | 840 |  |  |  | 8,335 |
Other real estate owned |  |  | 213 |  |  |  | — |  |  |  | 213 |
Intangible assets |  |  | 11,915 |  |  |  | 2,154 |  |  |  | 14,069 |
Other assets |  |  | 2,730 |  |  |  | 403 |  |  |  | 3,133 |
|  |  | 669,917 |  |  |  | 82,756 |  |  |  | 752,673 |
Liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 601,194 |  |  |  | 73,464 |  |  |  | 674,658 |
Federal Home Loan Bank advances |  |  | 737 |  |  |  | — |  |  |  | 737 |
Other liabilities |  |  | 1,313 |  |  |  | 64 |  |  |  | 1,377 |
|  |  | 603,244 |  |  |  | 73,528 |  |  |  | 676,772 |
Fair value of net assets acquired |  |  | 66,673 |  |  |  | 9,228 |  |  |  | 75,901 |
Cash consideration transferred |  |  | 134,667 |  |  |  | 13,294 |  |  |  | 147,961 |
Goodwill |  | $ | 67,994 |  |  | $ | 4,066 |  |  | $ | 72,060 |
Summary of Acquired Loans | In connection with the acquisitions, the Company acquired loans both with and without evidence of credit quality deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan and lease losses. Acquired loans were segregated between those considered to be purchased credit impaired (“PCI”) loans and those without credit impairment at acquisition. The following table presents details of the estimated fair value of acquired loans at the acquisition date:
|  | Loans Excluding PCI Loans |  |  | PCI Loans |  |  | Total Loans |
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |  |  | FBD |  |  | SCC |  |  | Total |  |  | Acquired |
Commercial real estate |  | $ | 140,955 |  |  | $ | 11,894 |  |  | $ | 152,849 |  |  | $ | 832 |  |  | $ | 200 |  |  | $ | 1,032 |  |  | $ | 153,881 |
Construction, land development, land |  |  | 13,949 |  |  |  | 5,229 |  |  |  | 19,178 |  |  |  | 3,081 |  |  |  | — |  |  |  | 3,081 |  |  |  | 22,259 |
1-4 family residential properties |  |  | 59,228 |  |  |  | 10,180 |  |  |  | 69,408 |  |  |  | 75 |  |  |  | — |  |  |  | 75 |  |  |  | 69,483 |
Farmland |  |  | 5,709 |  |  |  | 1,207 |  |  |  | 6,916 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,916 |
Commercial |  |  | 26,125 |  |  |  | 2,121 |  |  |  | 28,246 |  |  |  | 1,020 |  |  |  | — |  |  |  | 1,020 |  |  |  | 29,266 |
Factored receivables |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | 5,410 |  |  |  | 623 |  |  |  | 6,033 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,033 |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 251,376 |  |  | $ | 31,254 |  |  | $ | 282,630 |  |  | $ | 5,008 |  |  | $ | 200 |  |  | $ | 5,208 |  |  | $ | 287,838 |
Schedule of Loans Acquired in Business Combination | The following presents information at the acquisition date for non-PCI loans acquired in the transactions:
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |
Contractually required principal and interest payments |  | $ | 318,674 |  |  | $ | 38,590 |  |  | $ | 357,264 |
Contractual cash flows not expected to be collected |  | $ | 4,255 |  |  | $ | 550 |  |  | $ | 4,805 |
Fair value at acquisition |  | $ | 251,376 |  |  | $ | 31,254 |  |  | $ | 282,630 |
The following presents information at the acquisition date for PCI loans acquired in the transactions:
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |
Contractually required principal and interest payments |  | $ | 10,511 |  |  | $ | 269 |  |  | $ | 10,780 |
Contractual cash flows not expected to be collected (nonaccretable difference) |  |  | 2,570 |  |  |  | 5 |  |  |  | 2,575 |
Expected cash flows at acquisition |  |  | 7,941 |  |  |  | 264 |  |  |  | 8,205 |
Interest component of expected cash flows (accretable yield) |  |  | 2,933 |  |  |  | 64 |  |  |  | 2,997 |
Fair value of loans acquired with deterioration of credit quality |  | $ | 5,008 |  |  | $ | 200 |  |  | $ | 5,208 |
Schedule of Supplemental Pro Forma Information on Acquisition | The following table presents supplemental pro forma information for the three and nine months ended September 30, 2018 and 2017 as if the FBD and SCC acquisitions had occurred at the beginning of 2017. The supplemental pro forma information includes adjustments for interest income on loans acquired, depreciation expense on property acquired, amortization of intangibles arising from the transactions, and the related income tax effects. Additionally, because FBD and SCC were Subchapter S corporations before the acquisitions and did not incur any federal income tax liabilities, adjustments have been included to estimate the impact of federal income taxes on FBD and SCC’s net income for the periods presented. The supplemental pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been completed on the assumed date.
|  | Three months ended September 30, 2018 |  |  | Three months ended September 30, 2017 |
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |  |  | FBD |  |  | SCC |  |  | Total |
Net interest income |  | $ | 65,694 |  |  | $ | 62,269 |  |  | $ | 66,181 |  |  | $ | 44,683 |  |  | $ | 40,147 |  |  | $ | 45,318 |
Noninterest income |  | $ | 7,167 |  |  | $ | 6,159 |  |  | $ | 7,267 |  |  | $ | 5,404 |  |  | $ | 4,260 |  |  | $ | 5,493 |
Net income |  | $ | 8,371 |  |  | $ | 8,578 |  |  | $ | 7,778 |  |  | $ | 10,595 |  |  | $ | 9,804 |  |  | $ | 10,617 |
Basic earnings per common share |  | $ | 0.31 |  |  | $ | 0.32 |  |  | $ | 0.29 |  |  | $ | 0.44 |  |  | $ | 0.48 |  |  | $ | 0.43 |
Diluted earnings per common share |  | $ | 0.31 |  |  | $ | 0.32 |  |  | $ | 0.29 |  |  | $ | 0.43 |  |  | $ | 0.47 |  |  | $ | 0.43 |
|  | Nine months ended September 30, 2018 |  |  | Nine months ended September 30, 2017 |
(Dollars in thousands) |  | FBD |  |  | SCC |  |  | Total |  |  | FBD |  |  | SCC |  |  | Total |
Net interest income |  | $ | 176,441 |  |  | $ | 163,916 |  |  | $ | 178,188 |  |  | $ | 125,098 |  |  | $ | 111,756 |  |  | $ | 126,966 |
Noninterest income |  | $ | 19,679 |  |  | $ | 16,618 |  |  | $ | 20,121 |  |  | $ | 40,072 |  |  | $ | 37,028 |  |  | $ | 40,442 |
Net income |  | $ | 34,179 |  |  | $ | 33,458 |  |  | $ | 34,013 |  |  | $ | 32,291 |  |  | $ | 30,065 |  |  | $ | 32,441 |
Basic earnings per common share |  | $ | 1.31 |  |  | $ | 1.35 |  |  | $ | 1.30 |  |  | $ | 1.42 |  |  | $ | 1.55 |  |  | $ | 1.40 |
Diluted earnings per common share |  | $ | 1.30 |  |  | $ | 1.33 |  |  | $ | 1.28 |  |  | $ | 1.39 |  |  | $ | 1.51 |  |  | $ | 1.37 |
Interstate Capital Corporation |
Business Acquisition [Line Items] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  |  |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 75 |
Factored receivables |  |  | 131,017 |
Premises and equipment |  |  | 279 |
Intangible assets |  |  | 13,920 |
Other assets |  |  | 144 |
|  |  | 145,435 |
Liabilities assumed: |  |  |  |
Deposits |  |  | 7,389 |
Other liabilities |  |  | 763 |
|  |  | 8,152 |
Fair value of net assets acquired |  |  | 137,283 |
Consideration: |  |  |  |
Cash paid |  |  | 160,258 |
Contingent consideration |  |  | 20,000 |
Total consideration |  |  | 180,258 |
Goodwill |  | $ | 42,975 |
Valley Bancorp, Inc. |
Business Acquisition [Line Items] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  |  |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 38,473 |
Securities |  |  | 97,687 |
Loans |  |  | 171,199 |
FHLB stock |  |  | 315 |
Premises and equipment |  |  | 6,238 |
Other real estate owned |  |  | 2,282 |
Intangible assets |  |  | 6,072 |
Bank-owned life insurance |  |  | 7,153 |
Other assets |  |  | 1,882 |
|  |  | 331,301 |
Liabilities assumed: |  |  |  |
Deposits |  |  | 293,398 |
Junior subordinated debentures |  |  | 5,470 |
Other liabilities |  |  | 2,881 |
|  |  | 301,749 |
Fair value of net assets acquired |  |  | 29,552 |
Consideration transferred |  |  | 40,075 |
Goodwill |  | $ | 10,523 |
Summary of Acquired Loans | In connection with the acquisition, the Company acquired loans both with and without evidence of credit quality deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan and lease losses. Acquired loans were segregated between those considered to be purchased credit impaired (“PCI”) loans and those without credit impairment at acquisition. The following table presents details of the estimated fair value of acquired loans at the acquisition date:
|  | Loans, |  |  |  |  |  |  |  |  |
|  | Excluding |  |  | PCI |  |  | Total |
(Dollars in thousands) |  | PCI Loans |  |  | Loans |  |  | Loans |
Commercial real estate |  | $ | 73,273 |  |  | $ | 254 |  |  | $ | 73,527 |
Construction, land development, land |  |  | 19,770 |  |  |  | 1,199 |  |  |  | 20,969 |
1-4 family residential properties |  |  | 26,264 |  |  |  | — |  |  |  | 26,264 |
Farmland |  |  | 16,934 |  |  |  | — |  |  |  | 16,934 |
Commercial |  |  | 31,893 |  |  |  | — |  |  |  | 31,893 |
Factored receivables |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | 1,612 |  |  |  | — |  |  |  | 1,612 |
Mortgage warehouse |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 169,746 |  |  | $ | 1,453 |  |  | $ | 171,199 |
Independent Bank - Colorado Branches |
Business Acquisition [Line Items] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  |  |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 1,611 |
Loans |  |  | 95,794 |
Premises and equipment |  |  | 7,524 |
Intangible assets |  |  | 3,255 |
Other assets |  |  | 1,644 |
|  |  | 109,828 |
Liabilities assumed: |  |  |  |
Deposits |  |  | 160,702 |
Other liabilities |  |  | 249 |
|  |  | 160,951 |
Fair value of net assets acquired |  |  | (51,123 | )
Cash received from seller, net of $6,771 deposit premium |  |  | 45,306 |
Goodwill |  | $ | 5,817 |
Summary of Acquired Loans | The following table presents details of the estimated fair value of acquired loans at the acquisition date:
(Dollars in thousands) |  |  |  |
Commercial real estate |  | $ | 13,382 |
Construction, land development, land |  |  | 537 |
1-4 family residential properties |  |  | 6,986 |
Farmland |  |  | 31,490 |
Commercial |  |  | 43,104 |
Factored receivables |  |  | — |
Consumer |  |  | 295 |
Mortgage warehouse |  |  | — |
|  | $ | 95,794 |

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