Business Combination (Tables)

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded at closing:

	May 10, 2013
	(in thousands)
Cash and cash equivalents	$	340
Loans receivable, net	273,353
Goodwill	14,056
Core deposit intangible	1,674
Other assets	2,721
Total assets acquired	$	292,144
Deposits	$	168,246
Other liabilities	913
Total liabilities assumed	169,159
Net assets acquired	$	122,985

The following table summarizes the amounts recorded at closing:

	February 28, 2013
	(in thousands)
Cash and cash equivalents	15,626
Investments and MBS	1,030
Loans receivable, net	97,262
Core deposit intangible	453
Other assets	27,197
Total assets acquired	$	141,568
Deposits	$	118,221
Other liabilities	7,054
Total liabilities assumed	125,275
Net assets acquired	16,293
Consideration paid	8,749
Bargain purchase gain	$	7,544

he following table summarizes the amounts recorded at closing:

	February 29, 2012
	(in thousands)
Cash and cash equivalents	$	150,045
Investments and MBS	187,465
Loans receivable, net	349,990
Goodwill	22,577
Core deposit intangible	11,974
Fixed assets	4,038
Other assets	10,886
Total assets acquired	$	736,975
Deposits	$	695,919
Other liabilities	409
Total liabilities assumed	696,328
Net assets acquired	$	40,647

On October 1, 2013, Sterling paid $42.9 million in cash to acquire Commerce National Bank ("CNB"). The consolidated financial statements, including segment reporting, as of September 30, 2013, do not include the assets acquired and liabilities assumed as the acquisition occurred on October 1, 2013. The following table summarizes the preliminary net assets acquired amounts recorded at closing:

	October 1, 2013
	(in thousands)
Cash and cash equivalents	$	8,555
Investments and MBS	69,490
Loans receivable, net	161,043
Goodwill	14,408
Core deposit intangible	1,160
Other assets	5,276
Total assets acquired	$	259,932
Deposits	$	189,563
Advances from FHLB	25,000
Other liabilities	2,462
Total liabilities assumed	217,025
Net assets acquired	$	42,907

Business Acquisition, Pro Forma Information

Cost savings estimates are not included in the pro forma combined results, nor are certain credit impaired loans and associated losses excluded from the purchase and assumption transaction.

	First Independent (stand alone)				Pro Forma Combined
	Three Months Ended		Nine Months Ended		Three Months Ended		Nine Months Ended
	September 30, 2012
	(in thousands, except per share data)
Net interest income	$	5,104	$	16,204	$	75,308	$	235,052
Noninterest income	1,247		3,428		46,698		124,031
Net income	2,630		8,638		30,598		368,989
Earnings per share - basic	0.04		0.14		0.49		5.94
Earnings per share - diluted	$	0.04	$	0.14	$	0.49	$	5.89