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MERGERS AND ACQUISITIONS - Unaudited Balance Sheet (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended 3 Months Ended
Sep. 30, 2013
Sep. 30, 2013
Liquidation Date, February 15, 2014 [Member]
Mar. 31, 2013
East Carolina Bancorp [Member]
Mar. 28, 2013
East Carolina Bancorp [Member]
Mar. 31, 2013
East Carolina Bancorp [Member]
Preliminary Balance [Member]
Mar. 31, 2013
East Carolina Bancorp [Member]
Initial Fair Value Adjustments [Member]
Mar. 31, 2013
East Carolina Bancorp [Member]
Measurement Period Adjustment [Member]
Business Acquisition [Line Items]              
Cash and cash equivalents     $ 24,008   $ 24,008 $ 0 $ 0
Investment securities available for sale     289,359   289,058 301 [1] 0
Loans held for sale     13,399   3,857 9,790 [2] (248) [3]
Loans, net     453,054   483,474 (30,420) [4] 0
Federal Home Loan Bank stock, at cost     3,150   3,150 0 0
Premises and equipment, net     24,591   25,633 (1,177) [5] 135 [3]
Bank-owned life insurance     12,249   12,249 0 0
Foreclosed assets     6,373   7,090 (717) [6] 0
Deferred tax asset, net     16,339   6,986 9,082 [7] 271 [3]
Other intangible assets, net     4,307   0 4,307 [8] 0
Other assets     9,167   10,423 (665) [9] (591) [3]
Total assets     855,996   865,928 (9,499) (433)
Deposits     736,114   731,926 4,188 [10] 0
Short-term borrowings     34,284   34,284 0 0
Long-term debt     16,460   16,000 460 [11] 0
Other liabilities     3,015   2,867 148 [12] 0
Total liabilities     789,873   785,077 4,796 0
Net assets acquired     66,123   80,851 (14,295) (433)
Preferred stock     17,553   17,660 (107) [13] 0
Common stock warrant     133   878 (745) [13] 0
Total other equity interests     17,686   18,538 (852) 0
Gain on acquisition     7,809        
Purchase Price       $ 40,628      
Preferred stock, dividend rate (as a percentage) 5.00% 9.00%          
[1] Adjustment reflects opening fair value of securities portfolio, which was established as the new book basis of the portfolio.
[2] Adjustment reflect the reclassification of the fair value of certain loans identified by management as being held for sale at acquisition.
[3] Adjustments reflect changes to acquisition date fair values of certain assets based on additional information received post-acquisition within the measurement period. Measurement period adjustments included tax-effected adjustments to reduce the estimated fair value of a non-marketable investment, to reduce the fair value of certain distressed loans held for sale, and to increase the fair value of a bank-owned office.
[4] Adjustment reflects the estimated lifetime credit losses on the loan portfolio, the present value of the differences between contractual interest rates and market interest rates, and a reclassification of certain loans that were identified as held for sale at acquisition.
[5] Adjustment reflects fair value adjustments on certain acquired branch offices as well as certain software and computer equipment.
[6] Adjustment reflects the write down of certain foreclosed assets based on current estimates of property values given current market conditions and additional discounts based on the Company's planned disposition strategy.
[7] Adjustment reflects the tax impact of acquisition accounting fair value adjustments.
[8] Adjustment reflects the fair value of the acquired core deposit intangible.
[9] Adjustment reflects the impact of fair value adjustments on other assets, which include the write down of certain unusable prepaid expenses and the elimination of accrued interest on purchased credit-impaired loans.
[10] Adjustment reflects the fair value premium on time deposits, which was calculated by discounting future contractual interest payments at a current market interest rate.
[11] Adjustment reflects the fair value premium on FHLB advances, which was calculated by discounting future contractual interest payments at a current market interest rate. This fair value premium is also consistent with the prepayment penalty the FHLB would charge to terminate the advance.
[12] Adjustment reflects the impact of fair value adjustments on other liabilities, which primarily includes the accrual of a preferred stock dividend at acquisition.
[13] Amount reflects the adjustment to record other equity interests at fair value. The fair value of preferred stock issued to Treasury was estimated using by discounting future contractual dividend payments at a current market interest rate for preferred stocks of issuers with similar risk. The assumed liquidation date of the preferred stock was February 15, 2014, which is the date the dividend resets from 5 to 9 percent. The fair value of the common stock warrant issued to Treasury was estimated using a Black Scholes option pricing model assuming a warrant life through the dividend reset date.