XML 39 R28.htm IDEA: XBRL DOCUMENT

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2018



(In thousands, except per share data)	October 20, 2017
Shares exchanged for cash	$	4,701

Number of NorthStar Banking Corporation Common shares outstanding	1,958
Per share exchange ratio	0.5605
Number of shares of common stock issued	1,098
Multiplied by common stock price per share on October 20, 2017	$	24.92
Value of common stock issued	27,353
Cash paid for NorthStar Banking Corporation vested stock options	801

Total purchase price	$	32,855



(In thousands, except per share data)	November 3, 2017
Shares exchanged for cash	$	15,694

Number of Palm Beach Community Bank Common shares outstanding	2,507
Per share exchange ratio	0.9240
Number of shares of common stock issued	2,316
Multiplied by common stock price per share on November 3, 2017	$	24.31
Value of common stock issued	56,312
Total purchase price	$	72,006



(In thousands, except per share data)	April 7, 2017
Shares exchanged for cash	$	8,034

Number of GulfShore Bancshares, Inc. common shares outstanding	5,464
Per share exchange ratio	0.4807
Number of shares of common stock issued	2,627
Multiplied by common stock price per share on April 7, 2017	23.94
Value of common stock issued	$	62,883

Total purchase price	$	70,917

Schedule of Business Acquisitions, by Acquisition



	Initially Reported November 3, 2017		Measurement Period Adjustments			As Adjusted November 3, 2017
	(In thousands)
Assets:
Cash	$	9,301	$	0		$	9,301
Investment securities	22,098		0			22,098
Loans, net	272,090		(1,772		)	270,318
Fixed assets	7,641		0			7,641
Core deposit intangibles	2,523		0			2,523
Goodwill	33,428		1,323			34,751
Other assets	9,909		449			10,358
Totals	$	356,990	$	0		$	356,990
Liabilities:
Deposits	$	268,633	$	0		$	268,633
Other liabilities	16,351		0			16,351
Totals	$	284,984	$	0		$	284,984



	Initially Reported October 20 2017		Measurement Period Adjustments			As Adjusted October 20, 2017
			(In thousands)
Assets:
Cash	$	5,485	$	0		$	5,485
Investment securities	56,123		0			56,123
Loans, net	136,832		0			136,832
Fixed assets	2,637		0			2,637
Core deposit intangibles	1,275		0			1,275
Goodwill	12,404		(99		)	12,305
Other assets	1,522		99			1,621
Totals	$	216,278	$	0		$	216,278

Liabilities:
Deposits	$	182,443	$	0		$	182,443
Other liabilities	980		0			980
Totals	$	183,423	$	0		$	183,423



	Initially Reported April 7, 2017		Measurement Period Adjustments		As Adjusted April 7, 2017
			(In thousands)
Assets:
Cash	$	55,540	$	0	$	55,540
Investment securities	316		0		316
Loans, net	250,876		0		250,876
Fixed assets	1,307		0		1,307
Other real estate owned	13		0		13
Core deposit intangibles	3,927		0		3,927
Goodwill	37,098		0		37,098
Other assets	8,572		0		8,572
Totals	$	357,649	0		$	357,649

Liabilities:
Deposits	$	285,350	$	0	$	285,350
Other liabilities	1,382		0		1,382
Totals	$	286,732	0		$	286,732

Schedule of Fair Value of Acquired Loans and Unpaid Principal Balance

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.



	April 7, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	101,281	$	99,598
Commercial real estate	106,729		103,905
Construction/development/land	13,175		11,653
Commercial loans	32,137		32,247
Consumer and other loans	3,554		3,473
Purchased credit-impaired	0		0
Total acquired loans	$	256,876	$	250,876

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.



	As Adjusted November 3, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	30,153	$	30,990
Commercial real estate	134,705		132,089
Construction/development/land	69,686		67,425
Commercial loans	36,076		35,876
Consumer and other loans	179		172
Purchased Credit Impaired	4,768		3,766
Total acquired loans	$	275,567	$	270,318

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.



	October 20, 2017
(In thousands)	Book Balance		Fair Value
Loans:
Single family residential real estate	$	15,111	$	15,096
Commercial real estate	73,139		69,554
Construction/development/land	11,706		10,390
Commercial loans	31,200		30,854
Consumer and other loans	6,761		6,645
Purchased Credit Impaired	5,527		4,293
Total acquired loans	$	143,444	$	136,832

Schedule of Contractually Required Principal and Interest Payments Adjusted for Estimated Prepayments



(In thousands)	November 3, 2017

Contractually required principal and interest	$	4,768
Non-accretable difference	(1,002		)
Cash flows expected to be collected	3,766
Accretable yield	0
Total purchased credit-impaired loan acquired	$	3,766



(In thousands)	October 20, 2017

Contractually required principal and interest	$	5,596
Non-accretable difference	(689		)
Cash flows expected to be collected	4,907
Accretable yield	(614		)
Total purchased credit-impaired loan acquired	$	4,293

Summary of Pro-Forma Data including Acquisition of Gulfshore, NSBC and PBCB

Pro-forma data for the three and six months ended June 30, 2017 as if the acquisitions of Gulfshore, NSBC and PBCB occurred at the beginning of 2017 is as follows:



	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands, except per share amounts)	2017		2017

Net interest income	$	45,987	$	95,554
Net income	11,285		20,828
EPS - basic	0.25		0.46
EPS - diluted	0.25		0.45