Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Assets Acquired and Liabilities Assumed

The following table represents the assets acquired and liabilities assumed of PRB as of June 15, 2015 and the fair value adjustments and amounts recorded by the Bank in 2016 under the acquisition method of accounting:


	PRB Book Value			Fair Value Adjustments			Fair Value
(dollars in thousands)
Assets Acquired:
Cash and cash equivalents	$	38,624		$	—		$	38,624
Securities AFS		7,179			115			7,294
Loans, net of deferred fees		80,192			(2,419	)		77,773
Allowance for loan losses		(2,034	)		2,034			—
Premises and equipment, net		251			(188	)		63
Investment in FHLB stock		152			—			152
Deferred taxes		—			2,258			2,258
REO		4,374			(672	)		3,702
Goodwill		—			1,300			1,300
Core deposit intangible		—			1,099			1,099
Other assets		269			—			269
Total assets acquired	$	129,007		$	3,527		$	132,534

Liabilities Assumed:
Deposits	$	119,663		$	178		$	119,841
Accounts payable and other liabilities		442			(98	)		344
Total liabilities assumed		120,105			80			120,185
Excess of assets acquired over liabilities assumed		8,902			3,447			12,349
Total	$	129,007		$	3,527		$	132,534

Consideration:
Stock issued							$	11,806
Cash paid								543
Total							$	12,349

Schedule of Loans Acquired

For loans acquired from PRB, the contractual amounts due, expected cash flows to be collected and fair value as of the acquisition date were as follows:


(dollars in thousands)	Purchased Credit Impaired		All Other Acquired Loans


Contractual amounts due	$	9,418	$	86,466
Cash flows not expected to be collected		2,201		1,155
Expected cash flows		7,217		85,311
Interest component of expected cash flows		805		13,950
Fair value of acquired loans	$	6,412	$	71,361

Pro Forma Summarized Income Statement Data

The following table presents unaudited pro forma information as if the acquisition of PRB had occurred on January 1, 2015, and January 1, 2014, for 2015 and 2014, respectively, after giving effect to certain adjustments.


	2015		2014
(dollars in thousands)

Net interest income	$	59,918	$	46,935
Provision for loan losses		2,673		235
Noninterest income		28,891		25,156
Noninterest expenses		64,167		57,577
Income before taxes		21,969		14,279
Taxes on income		9,097		6,192
Net income	$	12,872	$	8,087

Net income per share:
Basic	$	0.55	$	0.49
Diluted	$	0.53	$	0.46