Acquisitions (Tables)

9 Months Ended

Sep. 30, 2012

Identifiable Assets and Liabilities Assumed

The consideration transferred for Tower’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the acquisition date were as follows:

	February 17, 2012
Purchase price:
Value of:
Common shares issued and options assumed	$	302,112
Cash		88,005
Total purchase price		390,117
Identifiable assets:
Cash and due from banks		85,518
Unrestricted short-term investments		9,171
Securities available for sale		137,254
Loans and leases		1,975,488
Intangible assets		27,334
Other assets		156,392
Total identifiable assets		2,391,157
Liabilities:
Deposits		2,074,372
Short-term borrowings		10,228
Long-term borrowings		103,923
Other liabilities		63,247
Total liabilities		2,251,770
Net goodwill resulting from acquisition	$	250,730

Summary of Loans Acquired

The following is a summary of the loans acquired in the Tower acquisition:

	Purchased Credit Impaired Loans		Purchased Non- Impaired Loans		Total Purchased Loans
Contractually required principal and interest at acquisition	$	348,889	$	2,376,071	$	2,724,960
Contractual cash flows not expected to be collected		127,318		135,736		263,054
Expected cash flows at acquisition		221,571		2,240,335		2,461,906
Interest component of expected cash flows		54,418		432,000		486,418
Basis in purchased loans at acquisition – estimated fair value	$	167,153	$	1,808,335	$	1,975,488

Summary of Merger Related Expenses

A summary of merger-related expenses included in the consolidated statement of income follows:

	Three Months Ended September 30,
	2012						2011
	Abington		Tower		Total		Abington		Tower		Total
Salaries and employee benefits	$	2	$	489	$	491	$	0	$	0	$	0
Consulting		2		403		405		607		0		607
Legal		193		152		345		602		0		602
Branch writeoffs		0		0		0		0		0		0
Net occupancy and equipment		0		0		0		0		0		0
All other		170		89		259		84		0		84
	$	367	$	1,133	$	1,500	$	1,293	$	0	$	1,293

	Nine Months Ended September 30,
	2012						2011
	Abington		Tower		Total		Abington		Tower		Total
Salaries and employee benefits	$	2	$	3,544	$	3,546	$	0	$	0	$	0
Consulting		68		4,546		4,614		628		0		628
Legal		372		1,471		1,843		1,983		0		1,983
Branch writeoffs		0		1,371		1,371		0		0		0
Net occupancy and equipment		0		2,840		2,840		0		0		0
All other		805		1,278		2,083		169		0		169
	$	1,247	$	15,050	$	16,297	$	2,780	$	0	$	2,780