XML 30 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACQUISITION (Details Narrative) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Electronic Banking Solutions division of Palm Desert National Bank
Apr. 08, 2011
Electronic Banking Solutions division of Palm Desert National Bank
Dec. 31, 2012
San Luis Trust Bank (SLTB)
N
Feb. 18, 2011
San Luis Trust Bank (SLTB)
Dec. 31, 2012
Western Commercial
Date of Acquisition Agreement     Apr. 08, 2011   Feb. 18, 2011   Nov. 05, 2010
Cash and cash equivalents     $ 85,389 $ 85,389     $ 32,000
Intangible assets     6,005 6,005      
Deposits     91,483 91,018 266,149 266,149 105,000
Pre-tax bargain purchase gain     500   36,500   2,300
Purchase agreement price     5,500        
Integration and conversion expenses     350   515    
Assets       91,483 367,159 367,159 109,000
Loans         138,792 138,792 55,000
Cash and federal funds sold         98,820 98,820  
FDIC shared-loss asset         70,293 70,293 16,700
Securities         40,972 40,972 2,000
Core Deposit - intangible         300    
Deferred tax liabilities, net    7,370     15,000    
Foreclosed securities         12,772 12,772  
Other assets       89 5,510 5,510 3,000
Percentage of total assets (in percent)         20.00%    
Liabilities       91,213 346,000 346,007 107,000
Federal Home Loan Bank advances         61,541 61,541  
Deferred tax liability         15,316 15,316  
FDIC shared-loss liability         2,564 2,564  
Other liabilities         400 437 2,000
Premium on time deposits         800    
Number of the acquirer's entity full-service branch locations         19    
Description purchase agreement         As part of the Purchase Agreement, the Bank and the FDIC entered into shared-loss agreements, whereby the FDIC will cover a substantial portion of any future losses on loans (and related unfunded loan commitments), foreclosed property and accrued interest on loans for up to 90 days. We refer to the acquired assets subject to the shared-loss agreements collectively as covered assets. Under the terms of the shared-loss agreements, the FDIC will absorb 80 percent of losses and share in 80 percent of loss recoveries. The shared-loss agreements for commercial and residential mortgage loans are in effect for 5 years and 10 years, respectively, from the SLTB Transaction Date and the loss recovery provisions are in effect for 8 years and 10 years, respectively, from the SLTB Transaction Date.   As part of the purchase and assumption agreement, the Bank and the FDIC entered into shared-loss agreements, whereby the FDIC will cover a substantial portion of any future losses on loans (and related unfunded loan commitments), foreclosed property and accrued interest on loans for up to 90 days. Under the terms of the shared-loss agreements, the FDIC will absorb 80 percent of losses and share in 80 percent of loss recoveries. The shared-loss agreement for commercial loans is in effect for 5 years from November 5, 2010 and the loss recovery provisions are in effect for 8 years from November 5, 2010. The Bank desired this transaction to increase its penetration and market share in its existing markets.
Description about payment to FDIC shared-loss liability         In March 2021, approximately ten years following the SLTB Transaction Date, the Bank is required to perform a calculation and determine if a payment to the FDIC is necessary. The payment amount will be 50 percent of the excess, if any, of (i) 20 percent of the intrinsic loss estimate ($99.0 million) minus (ii) the sum of (a) 20 percent of the net loss amount, plus (b) 25 percent of the asset discount bid ($58.0 million), plus (c) 3.5 percent of total loss share assets at acquisition. At the SLTB Transaction Date, the Bank estimated a liability, on a present value basis, of $2.6 million under this provision.    
Cash payment received from FDIC         34,400   2,400
Book value of net assets transferred         23,600   111,000
Post-tax bargain purchase gain         21,100   1,400
Purchase of furniture, fixtures and equipment (Related to the one SLTB branch)         $ 100    
Number of branch location         1    
Lease maturity period         5 years