Acquisition (Tables)

12 Months Ended

Dec. 31, 2013

Acquisition

Summary of consideration paid and the amounts of assets acquired and liabilities assumed, adjusted for fair value at the acquisition date

(amounts in thousands)
Purchase price:
Cash	$	8,297
Equity instruments (531,288 common shares of Bancorp)	12,198
Total purchase price	20,495
Identifiable assets:
Cash and federal funds sold	17,260
Investment securities	81,827
Loans	39,755
Premises and equipment	4,008
Core deposit intangible	2,543
Other assets	605
Total identifiable assets	145,998
Identifiable liabilities:
Deposits	120,435
Securities sold under agreement to repurchase	2,762
Other liabilities	1,857
Total identifiable liabilities	125,054
Net gain resulting from acquisition	$	449
Acquisition costs (included in non-interest expenses in Bancorp’s income statement for the year ended December 31, 2013)	$	1,548

Schedule of acquired loans

(in thousands)	Acquired impaired loans			Acquired non-impaired loans			Total acquired loans
Contractually required principal and interest at acquisition	$	3,285		$	37,763		$	41,048
Contractual cash flows not expected to be collected	(372		)	(723		)	(1,095		)
Expected cash flows at acquisition	2,913			37,040			39,953
Interest component of expected cash flows	(174		)	(24		)	(198		)
Basis in acquired loans at acquisition - estimated fair value	$	2,739		$	37,016		$	39,755

Summary of acquisition costs, all recorded in the consolidated statement of income

A summary of acquisition costs, all recorded in the second quarter 2013 consolidated statement of income, follows:

(in thousands)
Data conversion	$	906
Consulting	262
Salaries and employee benefits	103
Legal	96
All other	181
Total	$	1,548