Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of assets and liabilities acquired

The following table provides a summary of the purchase price calculation as of the PPFS Acquisition Date and the identifiable assets purchased and the liabilities assumed at their estimated fair values. These fair value measurements are provisional based on third-party valuations that are currently under review and are subject to refinement for up to one year after the PPFS Acquisition Date based on additional information that may be obtained by us that existed as of the PPFS Acquisition Date.

Purchase Price (in thousands), except per share data
Cascade shares issued for PPFS shares			2,921,012
Cascade share price			$	5.56
Consideration from common stock conversion (0.3050 ratio)			$	16,238
Cash paid in lieu of fractional shares			1
Total purchase price			$	16,239
Assets
Cash and cash equivalents	$	7,625
Investment securities	—
FHLB stock	424
Loans, net	102,670
Premises and equipment	5,333
Other real estate owned	—
Deferred tax asset	2,488
Bank owned life insurance	1,491
Other assets	2,364
Total assets	$	122,395
Liabilities
Deposits	$	101,544
Other liabilities	8,212
Total liabilities	$	109,756
Net identifiable assets acquired			12,639
Intangible asset acquired (1)			342
Goodwill			$	3,258
(1) Intangible assets consist of core deposit intangibles. The useful life for which the core deposit intangible is being amortized is 10 years.

The following is a condensed balance sheet disclosing the estimated fair value amounts of the branches acquired in the branch acquisition assigned to the major consolidated asset and liability captions at the acquisition date (dollars in thousands):

ASSETS
Cash and cash equivalents	$	456,611
Premises and equipment, net	3,113
Core deposit intangibles	6,427
Goodwill	3,984
Other assets	463
Total assets	$	470,598
LIABILITIES
Deposits	$	469,889
Other liabilities	709
Total liabilities	$	470,598

The following table provides a summary of the purchase price calculation as of the Home Acquisition Date and the identifiable assets purchased and the liabilities assumed at their estimated fair values.

Purchase Price (in thousands, except share data)
Cascade Bancorp common stock shares issued for Home Federal shares			24,309,131
Cascade share price as calculated in the Merger Agreement			$	4.91
Consideration from common stock conversion (1.6772 ratio)			$	119,285
Consideration paid in cash ($8.43 per share)			122,163
Total purchase price			$	241,448
ASSETS
Cash and cash equivalents	$	160,782
Investment securities	318,893
Loans	392,411
Premises and equipment	17,432
Other real estate owned	3,514
Deferred tax asset	15,514
BOLI	15,896
Other assets	13,259
Core deposit intangible	7,667
Total assets	$	945,368
LIABILITIES
Deposits	$	759,176
Other liabilities	23,354
Total liabilities	$	782,530
Net identifiable assets acquired			162,838
Goodwill			$	78,610
(1) The core deposit intangible is being amortized over a 10 year period, which is its expected useful life.

Business acquisition, pro forma information

The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2016 and 2015, as if the acquisition had occurred on January 1, 2015. These adjustments reflect the impact of certain purchase accounting fair value measurements, primarily comprised of PPFS’s loan and deposit portfolios. In addition, the $1.5 million in acquisition-related expenses noted earlier are included in the twelve months ended December 31, 2015. These unaudited pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual results of operations of the combined banking organization that would have been achieved had the acquisition occurred at the beginning of each period presented, nor are they intended to represent or be indicative of future results of operations.

	Twelve months ended December 31,
	2016		2015
Net interest income	$	96,511	$	83,931
Non-interest expense	96,898		83,418
Net income	18,825		19,532
Net income per diluted share	0.26		0.26

These unaudited pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual results of operations of the combined banking organization that would have been achieved had the Merger occurred on January 1, 2013, nor are they intended to represent or be indicative of future results of operations.

	Twelve Months Ended December 31,
	2014		2013
Net interest income	$	79,373	$	77,932
Non interest expense	89,205		110,454
Net income	11,288		27,308
Net income per diluted share	0.16		0.38