Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

First Financial Holdings, Inc. ("First Financial")

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)	FFHI		Adjustments			Adjustments			by the Company
Assets
Cash and cash equivalents	$	174,082	$	—		$	—		$	174,082
Investment securities		313,200		(1,388)	(a)		—			311,812
Loans held for sale		19,858		6	(b)		—			19,864
Loans		2,355,527		(92,720)	(b)		12,875	(b)		2,275,682
Premises and equipment		82,399		(5,435)	(c)		(597)	(c)		76,367
Intangible assets		7,037		33,738	(d)		(2,542)	(d)		38,233
Mortgage servicing rights		19,156		—			—			19,156
Other real estate owned		13,271		(2,065)	(e)		1,972	(e)		13,178
FDIC receivable for loss sharing agreement		47,459		(18,122)	(f),(k)		(7,624)	(f)		21,713
Bank owned life insurance		51,513		—			(493)	(m)		51,020
Deferred tax asset		(5,279)		42,741	(g)		(4,585)	(g)		32,877
Other assets		47,257		(6,125)	(h)		4,247	(l)		45,379
Total assets	$	3,125,480	$	(49,370)		$	3,253		$	3,079,363
Liabilities
Deposits:
Noninterest-bearing	$	430,517	$	—		$	—		$	430,517
Interest-bearing		2,083,495		7,801	(i)		—			2,091,296
Total deposits		2,514,012		7,801			—			2,521,813
Other borrowings		280,187		21,526	(j)		—			301,713
Other liabilities		25,584		(2,059)	(k)		(245)	(k)		23,280
Total liabilities		2,819,783		27,268			(245)			2,846,806
Net identifiable assets acquired over (under) liabilities assumed		305,697		(76,638)			3,498			232,557
Goodwill		—		217,894			(3,498)			214,396
Net assets acquired over liabilities assumed	$	305,697	$	141,256		$	—		$	446,953
Consideration:
Common shares issued		7,018,274
Purchase price per share of the Company’s common stock	$	54.34
Company common stock issued and cash exchanged for fractional shares		381,423
Cash paid for stock options outstanding		530
Assumption of preferred stock		65,000
Fair value of total consideration transferred	$	446,953

Explanation of fair value adjustments

(a)—Adjustment reflects marking the securities 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 FFHI.

(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 credit cards and customer lists.

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

(f)—Adjustment reflects the fair value adjustments to the FDIC receivable for loss sharing agreements based on the Company’s evaluation of the losses on the acquired assets covered under loss share agreements with the FDIC net of any clawback.

(g)—Adjustment to record deferred tax asset related to fair value adjustments.

(h)—Adjustment reflects uncollectible portion of accrued interest receivable and loan fees receivable.

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

(j)—Adjustment reflects the fair value adjustment which was equal to the prepayment fee paid to fully pay off the Federal Home Loan Bank (the “FHLB”) advances on July 26, 2013. This fair value adjustment and the fair value adjustment of the junior subordinated debt were determined based upon interest rates.

(k)—Adjustment reflects the reclassification of the clawback to net against the FDIC receivable, the incremental accrual for employee related benefits, lease liabilities, and adjustment of other miscellaneous accruals.

(l)—Adjustment reflects the change in insurance-related receivable and increase in the current income tax receivable for the short-period income tax returns filed.

(m)—Adjustment reflects the fair value adjustments to bank owned life insurance based on the Company’s evaluation of the policies.

Schedule of proforma information

	Actual results for		Actual results for		Pro Forma
	the Year Ended		Year Ended		Year Ended
(Dollars in thousands)	December 31, 2015		December 31, 2014		December 31, 2013
Total revenues (net interest income plus noninterest income)	$	443,328	$	421,056	$	438,625
Net operating income available to the common shareholder	$	104,391	$	90,573	$	80,624

Bank of America

Mergers and Acquisitions

Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred

	As Recorded		Fair Value			As Recorded by
(Dollars in thousands)	by BOA		Adjustments			the Company
Assets
Cash and cash equivalents	$	428,567	$	—		$	428,567
Loans		3,445		(295)	(a)		3,150
Premises and equipment		6,267		(2,138)	(b)		4,129
Intangible assets		—		6,800	(c)		6,800
Other assets		66		—			66
Total assets	$	438,345	$	4,367		$	442,712
Liabilities
Deposits:
Noninterest-bearing	$	97,440	$	—		$	97,440
Interest-bearing		340,849		—			340,849
Total deposits		438,289		—			438,289
Other liabilities		56		—			56
Total liabilities		438,345		—			438,345
Net identifiable assets acquired over (under) liabilities assumed		—		4,367			4,367
Goodwill		—		20,652			20,652
Net assets acquired over (under) liabilities assumed	$	—	$	25,019		$	25,019
Consideration:
Cash paid as deposit premium	$	25,019
Fair value of total consideration transferred	$	25,019

Explanation of fair value adjustments

(a)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.

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

(c)—Adjustment reflects the recording of the core deposit intangible on the acquired core deposit accounts.