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MERGERS AND ACQUISITIONS Schedule of Assets Acquired, Liabilities Assumed, and Other Equity Interests (Details) (USD $)
In Thousands, unless otherwise specified
0 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Feb. 15, 2014
Subsequent Event
Apr. 02, 2013
East Carolina Bancorp, Inc
Feb. 15, 2014
Liquidation Date
Subsequent Event
Apr. 02, 2013
As Reported
East Carolina Bancorp, Inc
Apr. 02, 2013
Initial Fair Value Adjustments
East Carolina Bancorp, Inc
Apr. 02, 2013
Measurement Period Adjustment
East Carolina Bancorp, Inc
Fair value of assets acquired:                
Cash and cash equivalents $ 29,080 $ 15,735   $ 24,008   $ 24,008 $ 0 $ 0
Investment securities available for sale 404,388 136,311   289,359   289,058 301 [1] 0
Loans, net 1,382,623 759,418   453,054   483,474 (30,420) [2] 0
Loans held for sale       13,456   3,857 9,790 [3] (191) [4]
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 [4]
Bank-owned life insurance       12,249   12,249 0 0
Foreclosed assets 10,823 5,837   6,373   7,090 (717) [6] 0
Deferred tax asset, net       16,362   6,986 9,082 [7] 294 [4]
Other intangible assets       4,307   0 4,307 [8] 0
Other assets 38,461 11,654   9,167   10,423 (665) [9] (591) [4]
Total assets 2,119,948 1,085,225   856,076   865,928 (9,499) (353)
Fair Value of Liabilities Assumed [Abstract]                
Deposits 1,675,309 873,222   736,114   731,926 4,188 [10] 0
Short-term borrowings 126,500 7,500   34,284   34,284 0 0
Long-term debt 72,921 19,864   16,460   16,000 460 [11] 0
Other Liabilities       3,131   2,867 148 116 [4]
Total liabilities 1,887,649 911,284   789,989   785,077 4,796 116
Net assets acquired       66,087   80,851 (14,295) (469)
Non-controlling Interests at Fair Value [Abstract]                
Preferred stock       17,553   17,660 (107) [12] 0
Common stock warrants 1,457 1,325   132   878 (746) [12] 0
Total non-controlling interests       17,685   18,538 (853) 0
Gain on acquisition       7,773        
Purchase price       $ 40,629        
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 reflects the reclassification of the fair value of certain loans identified by management as being held for sale at acquisition.
[3] 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.
[4] 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, recognize a liability for employee credit card balances outstanding at the merger date, and to increase the fair value of a bank-owned office.
[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] Amount reflects the adjustment to record other equity interests at fair value. The fair value of preferred stock issued to Treasury was estimated 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.