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Mergers and Acquisitions (Tables) (Peoples)
 9 Months Ended
Sep. 30, 2012
Peoples
  
Mergers and Acquisitions  
Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred

 

 

 

 

 

Initial

 

Subsequent

 

 

 

 

 

As Recorded by

 

Fair Value

 

Fair Value

 

As Recorded

 

(Dollars in thousands)

 

Peoples

 

Adjustments

 

Adjustments

 

by SCBT

 

Assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

24,459

 

$

—

 

$

—

 

$

24,459

 

Investment securities

 

176,334

 

(442

)(a)

—

 

175,892

 

Loans

 

262,858

 

(28,613

)(b)

—

 

234,245

 

Premises and equipment

 

10,094

 

3,240

(c)

(38

)(c)

13,296

 

Intangible assets

 

—

 

2,930

(d)

—

 

2,930

 

Other real estate owned and repossessed assets

 

13,257

 

(5,341

)(e)

114

(e)

8,030

 

Deferred tax asset

 

4,702

 

11,669

(f)

—

 

16,371

 

Other assets

 

17,588

 

(883

)(g)

(6

)

16,699

 

Total assets

 

$

509,292

 

$

(17,440

)

$

70

 

$

491,922

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

54,884

 

$

—

 

$

—

 

$

54,884

 

Interest-bearing

 

378,781

 

1,405

(h)

—

 

380,186

 

Total deposits

 

433,665

 

1,405

 

—

 

435,070

 

Other borrowings

 

9,542

 

—

 

—

 

9,542

 

Other liabilities

 

4,291

 

2,054

(i)

57

(i)

6,402

 

Total liabilities

 

447,498

 

3,459

 

57

 

451,014

 

Net identifiable assets acquired over (under) liabilities assumed

 

61,794

 

(20,899

)

13

 

40,908

 

Goodwill

 

—

 

3,654

 

(13

)

3,641

 

Net assets acquired over (under) liabilities assumed

 

$

61,794

 

$

(17,245

)

$

—

 

$

44,549

 

 

 

 

 

 

 

 

 

 

 

Consideration:

 

 

 

 

 

 

 

 

 

SCBT Financial Corporation common shares issued

 

1,002,741

 

 

 

 

 

 

 

Purchase price per share of the Company’s common stock

 

$

31.06

 

 

 

 

 

 

 

Company common stock issued and cash exchanged for fractional shares

 

31,160

 

 

 

 

 

 

 

Stock options converted

 

96

 

 

 

 

 

 

 

Cash paid for TARP preferred stock

 

13,293

 

 

 

 

 

 

 

Fair value of total consideration transferred

 

$

44,549

 

 

 

 

 

 

 

 

Explanation of fair value adjustments

(a)—Adjustment reflects marking the available-for-sale portfolio to fair value as of the acquisition date.

(b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio and excludes the allowance for loan losses recorded by Peoples Bancorporation, Inc.

(c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment.

(d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts and other intangibles for non-compete agreements.

(e)—Adjustment reflects the fair value adjustments to OREO based on the Company’s evaluation of the acquired OREO portfolio.

(f)—Adjustment to record deferred tax asset related to purchase accounting adjustments at 35.8% income tax rate.

(g)—Adjustment reflects uncollectible portion of accrued interest receivable.

(h)—Adjustment arises since the rates on interest-bearing deposits are higher than rates available on similar deposits as of the acquisition date.

(i)—Adjustment reflects the incremental accrual for SERP termination, other employee related benefits, and other liabilities.

 
Schedule of reconciliation of goodwill

 

(Dollars in thousands)

 

 

 

 

 

 

 

Balance, December 31, 2011

 

$

62,888

 

Additions:

 

 

 

Goodwill from Peoples acquisition

 

3,641

 

Balance, September 30, 2012

 

$

66,529