Business Combinations (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of summarizing the purchase price calculation

The table below summarizes the purchase price calculation.

	September 30,
	2014
Number of shares of BANKshares common stock outstanding		12,644,763
BANKshares preferred shares that convert to BANKshares common shares upon a change in control		1,476,660
Total BANKshares common shares including conversion of preferred shares		14,121,423
Per share exchange ratio		0.4975
Number of shares of common stock issued		7,025,408
Multiplied by common stock price per share on September 30, 2014	$	10.93
Total purchase price		76,787,709

Fair Value, Assets Measured on Recurring Basis

The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date.

	Oct. 1, 2014
(Dollars in thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	50,768	$	49,184
Commercial real estate		229,859		224,837
Construction/development/land		30,994		27,578
Commercial loans		52,458		51,479
Consumer and other loans		3,647		3,568
Purchased credit-impaired		11,087		8,717

Total loans	$	378,813	$	365,363

Business Acquisition, Pro Forma Information

Pro-forma data for the years ending December 31, 2014 and 2013 listed in the table below presents pro-forma information as if the acquisition occurred at the beginning of 2013.

	Year ended December 31,
(Dollars in thousands, except per share amounts)	2014		2013
Net interest income	$	91,382	$	86,401
Net income available to common shareholders		9,893		54,099
EPS - basic	$	0.30	$	2.04
EPS - diluted	$	0.30	$	2.03

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition.

	October 1,
Date of acquisition	2014
	(in thousands)
Assets:
Cash and cash equivalents	$	110,996
Loans		365,363
Securities available for sale		85,355
Bank premises		12,259
Other real estate owned		2,199
Core deposit intangible		7,769
Goodwill		25,309
Other assets		17,641
Total assets acquired	$	626,891

Liabilities:
Deposits	$	516,297
Subordinated debt		10,930
Repurchase agreements		18,478
Other liabilities		4,398
Total liabilities assumed	$	550,103