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ACQUISITION (Details) - USD ($)
$ in Thousands
Dec. 01, 2014
Jun. 30, 2015
Liabilities    
Goodwill $ 2,593 $ 2,593
As recorded by Stephens Federal | Stephens Federal    
Assets    
Cash and cash equivalents 24,079  
Securities available-for-sale 2,720  
Loans 103,166  
Mortgage loans held for sale 572  
Premises and equipment, net 5,308  
Real estate owned, net 6,198  
Accrued interest receivable 376  
Restricted equity securities $ 143  
Core deposit intangible  
Loan servicing rights $ 1,409  
Other assets 141  
Total assets acquired 144,112  
Liabilities    
Deposits 139,160  
Other liabilities 1,035  
Total liabilities assumed $ 140,195  
Initial Fair Value and Other Adjustments | Stephens Federal    
Assets    
Cash and cash equivalents  
Securities available-for-sale  
Loans [1] $ (6,742)  
Mortgage loans held for sale  
Premises and equipment, net [2] $ (1,324)  
Real estate owned, net [3] $ (2,806)  
Accrued interest receivable  
Restricted equity securities  
Core deposit intangible  
Loan servicing rights [4] $ (40)  
Other assets [5] 4,091  
Total assets acquired (6,821)  
Liabilities    
Deposits [6] $ 54  
Other liabilities  
Total liabilities assumed $ 54  
Subsequent Fair Value and Other Adjustments | Stephens Federal    
Business Acquisition [Line Items]    
Common stock at $18.95 per share, 36,945 shares  
Assets    
Cash and cash equivalents  
Securities available-for-sale  
Loans [7] $ (962)  
Mortgage loans held for sale  
Premises and equipment, net  
Real estate owned, net  
Accrued interest receivable  
Restricted equity securities  
Core deposit intangible [8] $ 959  
Loan servicing rights  
Other assets [9] $ 975  
Total assets acquired $ 972  
Liabilities    
Deposits  
Other liabilities [10] $ (93)  
Total liabilities assumed (93)  
Net liabilities assumed 1,065  
Goodwill [11] (1,065)  
As Recorded by the Company | Stephens Federal    
Business Acquisition [Line Items]    
Common stock at $18.95 per share, 36,945 shares 700  
Assets    
Cash and cash equivalents 24,079  
Securities available-for-sale 2,720  
Loans 95,462  
Mortgage loans held for sale 572  
Premises and equipment, net 3,984  
Real estate owned, net 3,392  
Accrued interest receivable 376  
Restricted equity securities 143  
Core deposit intangible 959  
Loan servicing rights 1,369  
Other assets 5,207  
Total assets acquired 138,263  
Liabilities    
Deposits 139,214  
Other liabilities 942  
Total liabilities assumed 140,156  
Net liabilities assumed (1,893)  
Goodwill $ 2,593  
[1] The net fair value adjustment includes a total gross fair value adjustment of $8,892 to the unpaid principal balances of loans acquired, net of the existing allowance of $1,979 and deferred loans fees of $171. The gross fair value adjustment includes both credit, interest and liquidity components that comprise the entire discount. The fair value adjustment related to purchased credit impaired ("PCI") loans was $6,676, and the fair value adjustment on purchased performing loans was $2,216. Based on an evaluation of the expected future cash flows for PCI loans, the accretable difference expected to be recognized into income as a yield adjustment on loans was $642. The entire discount on purchased performing loans will be accreted to income on a level-yield basis over each loan's contractual life.
[2] Premises and equipment were adjusted to reflect recently appraised values of the land and buildings for each branch acquired and the Company's estimates of the fair value of furniture, fixtures and equipment.
[3] The net adjustment reflects the fair value of real estate properties, less estimated costs to sell.
[4] The adjustment reflects the fair value of loan servicing rights based upon the net present value of future servicing cash flows net of costs.
[5] Represents adjustments in the net deferred tax assets resulting from the fair value adjustments related to the acquired assets and liabilities, identifiable intangibles and other deferred tax items. The fair value adjustment of the net deferred tax asset assumes an effective tax rate of approximately 36%.
[6] The value adjustment to time deposits reflecting the differences in the contractual interest rates and those currently offered. The premium will be amortized into interest expense over a 3.7 year life using the straight line method.
[7] Additional loans were identified as PCI, resulting in a net $575 increase in the fair value discount of those loans. Additionally, fair value estimates were updated on certain loans, increasing the fair value discount approximately $387. The total fair value adjustment on PCI loans was $7,638. The final adjusted accretable difference expected to be recognized into income was $618.
[8] The value for the core deposit intangible at December 31, 2014.
[9] Change in other assets of $699 relates to changes in deferred taxes associated with the fair value discounts on PCI loans and a $276 increase in deferred tax assets resulting from a change in the income tax rate used to calculate the initial deferred taxes from 36.0% to 38.0%.
[10] This adjustment represents an adjustment to amounts determined to be over accrued by Stephens Federal for FDIC premiums owed.
[11] Changes to goodwill are a direct result of the adjustments to net assets acquired.