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MERGERS AND ACQUISITIONS - Balance Sheet - ECB Bancorp (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Apr. 02, 2013
East Carolina Bancorp [Member]
Apr. 02, 2013
East Carolina Bancorp [Member]
Scenario, Previously Reported [Member]
Apr. 02, 2013
East Carolina Bancorp [Member]
Initial Fair Value Adjustments [Member]
Apr. 02, 2013
East Carolina Bancorp [Member]
Measurement Period Adjustment [Member]
Feb. 15, 2014
Minimum [Member]
Feb. 16, 2014
Maximum [Member]
Business Acquisition [Line Items]                      
Cash and cash equivalents $ 59,837   $ 59,837   $ 29,081 [1] $ 24,008 $ 24,008 $ 0 $ 0    
Investment securities available for sale 694,993   694,993   404,388 [1] 289,359 289,058 301 [2] 0    
Loans held for sale           13,456 3,857 9,790 [3] (191) [4]    
Loans, net 2,819,785   2,819,785   1,385,790 453,054 483,474 (30,420) [5] 0    
Federal Home Loan Bank stock, at cost           3,150 3,150 0 0    
Premises and equipment           24,591 25,633 (1,177) [6] 135 [4]    
Bank-owned life insurance           12,249 12,249 0 0    
Foreclosed assets 11,078   11,078   10,518 [1] 6,068 7,090 (717) [7] (305) [4]    
Deferred tax asset, net 72,919   72,919   54,867 [1] 16,608 6,986 9,082 [8] 540 [4]    
Other intangible assets           4,307 0 4,307 [9] 0    
Accrued interest receivable and other assets 77,147   77,147   38,118 [1] 8,836 10,423 (665) [10] (922) [4]    
Total assets 4,178,595   4,178,595   2,122,713 [1] 855,686 865,928 (9,499) (743)    
Deposits 3,184,939   3,184,939   1,672,231 736,114 731,926 4,188 [11] 0    
Short-term borrowings 216,500   216,500   126,500 [1] 34,284 34,284 0 0    
Long-term debt 210,154   210,154   72,921 [1] 16,460 16,000 460 [12] 0    
Accrued interest payable and other liabilities 24,672   24,672   13,002 [1] 3,131 2,867 148 [13] 116 [4]    
Total liabilities 3,636,265   3,636,265   1,884,654 [1] 789,989 785,077 4,796 116    
Net assets acquired           65,697 80,851 (14,295) (859)    
Preferred stock 28,405   28,405   0 [1] 17,553 17,660 (107) [14] 0    
Common stock warrants 717   717   0 [1] 133 878 (745) [14] 0    
Total other equity interests           17,686 18,538 (852) 0    
Gain on acquisition 0 0 0 7,382   7,382          
Purchase price           $ 40,629          
Preferred stock, dividend rate (as a percentage)                   5.00% 9.00%
[1] Derived from the audited consolidated financial statements of Piedmont Community Bank Holdings, Inc., which was the Company's accounting predecessor.
[2] Adjustment reflects opening fair value of securities portfolio, which was established as the new book basis of the portfolio.
[3] Adjustment reflect the reclassification of the fair value of certain loans identified by management as being 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 fair value of a non-marketable investment, to dispose of other assets with no value at the merger, to reduce the fair value of certain distressed loans held for sale, to reduce the fair value of certain other real estate owned, to recognize a liability for outstanding ECB employee credit card balances, and to increase the fair value of a bank-owned office.
[5] Adjustment reflects the elimination of ECB's historical allowance for loan losses and the recording of a fair value discount on the loan portfolio. The fair value discount was calculated by forecasting cash flows over the expected remaining life of each loan and discounting those cash flows to present value using current market rates for similar loans. Forecasted cash flows include an estimate of lifetime credit losses on the loan portfolio.
[6] Adjustment reflects fair value adjustments on certain acquired branch offices as well as certain software and computer equipment.
[7] 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.
[8] Adjustment reflects the tax impact of acquisition accounting fair value adjustments.
[9] Adjustment reflects the fair value of the acquired core deposit intangible.
[10] 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.
[11] Adjustment reflects the fair value premium on time deposits, which was calculated by discounting future contractual interest payments at a current market interest rate.
[12] Adjustment reflects the fair value premium on long-term 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.
[13] Adjustment reflects the impact of fair value adjustments on other liabilities, which primarily includes the accrual of a preferred stock dividend at acquisition.
[14] 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 was the date the dividend reset 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.