Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION (Details)

v3.4.0.3
ACQUISITION (Details)
$ in Thousands
 1 Months Ended
Jan. 31, 2015
USD ($)
Assets acquired:  
Cash and cash equivalents $ 8,543
Debt securities 28,792
Equity securities 499
Loans 148,995
Allowance for loan losses 0
Premises and equipment, net 8,368
Accrued interest receivable 484
Deferred taxes 3,907
Other real estate owned 2,348
Bank owned life insurance contracts 2,685
Core deposit intangible 2,090
Other assets 364
Total assets acquired 207,075
Liabilities assumed:  
Deposits 175,754
Federal funds purchased 2,175
Other borrowings 1,396
Accrued interest payable 89
Other liabilities 996
Total liabilities assumed 180,410
Net assets acquired 26,665
Consideration Paid:  
Cash (20,926)
Stock (19,356)
Total consideration paid (40,282)
Goodwill 13,617
Metro Bancshares, Inc [Member]  
Assets acquired:  
Cash and cash equivalents 8,543
Debt securities 28,833
Equity securities 499
Loans 152,869
Allowance for loan losses (1,621)
Premises and equipment, net 7,606
Accrued interest receivable 484
Deferred taxes 754
Other real estate owned 2,373
Bank owned life insurance contracts 2,685
Core deposit intangible 0
Other assets 364
Total assets acquired 203,389
Liabilities assumed:  
Deposits 175,236
Federal funds purchased 2,175
Other borrowings 1,400
Accrued interest payable 89
Other liabilities 996
Total liabilities assumed 179,896
Net assets acquired 23,493
Consideration Paid:  
Cash (20,900)
Fair Value Adjustment [Member]  
Assets acquired:  
Cash and cash equivalents 0 [1]
Debt securities (41) [1],[2]
Equity securities 0 [1]
Loans (3,874) [1],[3]
Allowance for loan losses 1,621 [1],[3]
Premises and equipment, net 762 [1],[4]
Accrued interest receivable 0 [1]
Deferred taxes 3,153 [1],[5]
Other real estate owned (25) [1],[6]
Bank owned life insurance contracts 0 [1]
Core deposit intangible 2,090 [1],[7]
Other assets 0 [1]
Total assets acquired 3,686 [1]
Liabilities assumed:  
Deposits 518 [1],[8]
Federal funds purchased 0 [1]
Other borrowings (4) [1],[9]
Accrued interest payable 0 [1]
Other liabilities 0 [1]
Total liabilities assumed 514 [1]
Net assets acquired $ 3,172 [1]
[1] The Company’s acquisition of Metro closed on January 31, 2015. Accordingly, each of the fair value adjustments shown are preliminary estimates of the purchase accounting adjustments. Management is continuing to evaluate each of these fair value adjustments and may revise one or more of them in future periods based on this continuing evaluation. To the extent that any of the preliminary fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill recorded by the Company will change.
[2] Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio.
[3] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses.
[4] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired.
[5] Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes.
[6] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired.
[7] Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition.
[8] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits.
[9] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt.