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Mergers and Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
Schedule of Fair Value of Identifiable Assets Acquired and Liabilities Assumed
In connection with the acquisition, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed as of the Acquisition Date are summarized in the following table (dollars in thousands):

Consideration Paid:
 
Common shares issued (9,516,097)
$
285,679

Cash paid to shareholders
608

Value of consideration
286,287

 
 
Fair value of assets acquired:
 
Cash and cash equivalents
$
90,940

Investment securities
243,679

Restricted stock
4,119

Loans
815,817

Bank premises and equipment
22,516

OREO
3,949

Core deposit intangible
16,057

Bank owned life insurance
24,081

Other assets
24,572

Total assets
1,245,730

 
 
Fair value of liabilities assumed:
 
Deposits
1,056,619

Short-term borrowings
26,033

Long-term borrowings
29,892

Trust preferred debentures
3,824

Other liabilities
10,206

Total liabilities
1,126,574

 
 
Net assets acquired
119,156

Goodwill resulting from merger with Middleburg
$
167,131
Loans Identified as Impaired at Acquisition Date
The table below shows the average recorded investment in impaired loans, excluding purchased impaired loans, by class of loan:
 
Average Recorded Investment
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
(In Thousands)
2017
 
2016
 
2017
 
2016
Commercial real estate - owner occupied
$
67

 
$
67

 
$
151

 
$
23

Commercial real estate - nonowner occupied
334

 
—

 
779

 
2,423

Real estate construction
939

 
1,003

 
953

 
1,022

Residential real estate
952

 
23

 
1,189

 
45

Commercial
4,508

 
4,969

 
4,273

 
4,970

Consumer
2

 
—

 
1

 
—

Total
$
6,802

 
$
6,062

 
$
7,346

 
$
8,483

The table below shows the results of management’s analysis of impaired loans, excluding purchased impaired loans, as of September 30, 2017 and December 31, 2016:
 
September 30, 2017
(In Thousands)
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
With no specific related allowance recorded:
 
 
 
 
 
Commercial real estate - owner occupied
$
—

 
$
—

 
$
—

Commercial real estate - nonowner occupied
—

 
—

 
—

Real estate construction
26

 
35

 
—

Residential real estate
35

 
36

 
—

Commercial
3,220

 
4,378

 
—

Consumer
3

 
3

 
—

Total with no specific related allowance
$
3,284

 
$
4,452

 
$
—

With a specific related allowance recorded:
 

 
 

 
 

Commercial real estate loans - owner occupied
$
—

 
$
—

 
$
—

Commercial real estate loans - nonowner occupied
—

 
—

 
—

Real estate construction
903

 
974

 
223

Residential real estate
537

 
549

 
—

Commercial
1,113

 
1,268

 
477

Consumer
—

 
—

 
—

Total with a specific related allowance
$
2,553

 
$
2,791

 
$
700

Total
$
5,837

 
$
7,243

 
$
700

 
 
December 31, 2016
(In Thousands)
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
With no specific related allowance recorded:
 
 
 
 
 
Commercial real estate - owner occupied
$
—

 
$
—

 
$
—

Commercial real estate - nonowner occupied
—

 
—

 
—

Real estate construction
—

 
—

 
—

Residential real estate
431

 
431

 
—

Commercial
2,748

 
3,771

 
—

Consumer
—

 
—

 
—

Total with no specific related allowance
$
3,179

 
$
4,202

 
$
—

With a specific related allowance recorded:
 

 
 

 
 

Commercial real estate - owner occupied
$
—

 
$
—

 
$
—

Commercial real estate - nonowner occupied
—

 
—

 
—

Real estate construction
940

 
994

 
221

Residential real estate
—

 
—

 
—

Commercial
2,803

 
2,900

 
2,805

Consumer
—

 
—

 
—

Total with a specific related allowance
$
3,743

 
$
3,894

 
$
3,026

Total
$
6,922

 
$
8,096

 
$
3,026

The following table presents the acquired impaired loans receivable at the Acquisition Date (dollars in thousands):

Contractual principal and interest at acquisition
$
7,835

Nonaccretable difference
(3,427
)
Expected cash flows at acquisition
4,408

Accretable yield
(186
)
Fair value of purchased impaired loans
$
4,222
Pro Forma Information
The Corporation expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
 
For the year ended,
 
December 31, 2016
Total revenues (net interest income plus noninterest income)
$
131,084

Net Income
27,560