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MERGERS AND ACQUISITIONS - Recognized amounts of identifiable assets acquired and (liabilities) assumed (Details 1) (Wilton Bank ("Wilton"), USD $)
In Thousands, unless otherwise specified
0 Months Ended
Nov. 05, 2013
Business Acquisition [Line Items]  
Cash $ 35,919
Held to maturity investments securities 1,022
Loans 25,089
Premises and equipment 4,303
Other real estate owned 1,445
Core deposit intangibles 499
Deferred tax assets, net 1,997
Other assets 587
Deposits (64,157)
Other liabilities (336)
Total identifiable net assets 6,368
Gain on purchase (1,333)
As Acquired
 
Business Acquisition [Line Items]  
Cash 35,919
Held to maturity investments securities 1,022
Loans 27,097
Premises and equipment 4,303
Other real estate owned 1,895
Core deposit intangibles   
Deferred tax assets, net   
Other assets 587
Deposits (64,145)
Other liabilities (336)
Total identifiable net assets 6,342
Fair Value Adjustments
 
Business Acquisition [Line Items]  
Cash   
Held to maturity investments securities   
Loans (2,008) [1]
Premises and equipment   
Other real estate owned (450) [2]
Core deposit intangibles 499 [3]
Deferred tax assets, net 1,997 [4]
Other assets   
Deposits (12) [5]
Other liabilities   
Total identifiable net assets $ 26
[1] The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio.
[2] The adjustment represents the write down of the book value of foreclosed real estate to their estimated fair value based on current appraisals.
[3] Represents the economic value of the acquired core deposit base (total deposits less jumbo time deposits). The core deposit intangible will be amortized over an estimated life of 9.3 years based on the double declining balance method of amortization.
[4] Represents net deferred tax assets resulting from the fair value adjustments related to the acquired assets and liabilities, identifiable intangibles and other purchase accounting adjustments.
[5] The adjustment represents the fair value of time deposits, which were valued at a premium of 0.11% as they bore slightly higher rates than the prevailing market.