Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Acquired Loans Accounted for at Fair Value

In conjunction with the Cardinal merger, the acquired loan portfolio was accounted for at fair value as follows:

	April 21, 2017
Contractually required principal and interest at acquisition	$	4,211,734
Contractual cash flows not expected to be collected		(56,176	)
Expected cash flows at acquisition		4,155,558
Interest component of expected cash flows		(986,959	)
Basis in acquired loans at acquisition – estimated fair value	$	3,168,599

Cardinal Financial Corporation [Member]

Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed

The consideration paid for Cardinal’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Cardinal Acquisition Date were as follows:

Purchase price:
Value of common shares issued (23,690,589 shares)	$	972,499
Fair value of stock options assumed		2,741
Cash for fractional shares		14
Total purchase price		975,254
Identifiable assets:
Cash and cash equivalents		44,545
Investment securities		395,829
Loans held for sale		271,301
Loans		3,168,599
Premises and equipment		24,774
Core deposit intangibles		28,724
George Mason trade name intangible		1,080
Other assets		135,383
Total identifiable assets	$	4,070,235
Identifiable liabilities:
Deposits	$	3,349,812
Short-term borrowings		96,215
Long-term borrowings		220,119
Unfavorable lease liability		2,281
Other liabilities		39,474
Total identifiable liabilities		3,707,901
Fair value of net assets acquired including identifiable intangible assets		362,334
Resulting goodwill	$	612,920