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Mergers and Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2017
Business Combinations [Abstract] |
Consideration Paid, Assets Acquired and Liabilities Assumed | The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table:
| (Dollars in thousands)
Consideration Paid: |
Hope common stock issued in exchange for Wilshire common stock | $ | 852,939 |
Cash paid for fractional shares | 3 |
Hope stock options issued in exchange Wilshire stock options | 3,370 |
Total consideration paid | $ | 856,312 |
Assets Acquired: |
Cash and cash equivalents | $ | 100,127 |
Investment securities available for sale | 478,938 |
Loans receivable | 3,800,807 |
FRB and FHLB stock | 16,539 |
OREO | 13,173 |
Premises and equipment | 16,812 |
Bank owned life insurance | 25,240 |
Servicing assets | 16,203 |
Low income housing tax credit investments | 47,111 |
Core deposit intangibles | 18,138 |
Deferred tax assets, net | 18,174 |
Other assets | 76,818 |
Liabilities Assumed: |
Deposits | (3,812,367 | )
Borrowings | (206,282 | )
Subordinated debentures | (56,942 | )
Other liabilities | (54,751 | )
Total identifiable net assets | $ | 497,738 |
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 358,574 |
Acquisition Related Expenses | The following table presents acquisition-related expenses associated with the merger with Wilshire, the pending acquisition of U & I, and other previous acquisitions which were reflected in the Consolidated Statements of Income in merger and integration expense. These expenses are comprised primarily of salaries and employee benefits, professional fees, and other noninterest expense related to acquisitions.
| Three Months Ended March 31,
| 2017 |  | 2016
| (Dollars in thousands)
Wilshire | $ | 401 |  |  | $ | 1,183 |
U & I | 522 |  |  | — |
Other | 24 |  |  | 24 |
Total merger and integration expenses | $ | 947 |  |  | $ | 1,207 |

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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=73530397&loc=d3e4845-128472 + Details
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