Annual report pursuant to Section 13 and 15(d)

ACQUISITION (Details)

v3.3.1.900
ACQUISITION (Details) - USD ($)
$ in Thousands
 1 Months Ended
Jan. 31, 2015
Dec. 31, 2015
Assets acquired:    
Cash and cash equivalents $ 8,543  
Debt securities 28,792  
Equity securities 499  
Loans 148,995  
Allowance for loan losses 0  
Premises and equipment, net 8,368  
Accrued interest receivable 484  
Deferred taxes 3,907  
Other real estate owned 2,348  
Bank owned life insurance contracts 2,685  
Core deposit intangible 2,090  
Other assets 364  
Total assets acquired 207,075  
Liabilities assumed:    
Deposits 175,754  
Federal funds purchased 2,175  
Other borrowings 1,396  
Accrued interest payable 89  
Other liabilities 996  
Total liabilities assumed 180,410  
Net assets acquired 26,665  
Consideration Paid:    
Cash (20,926)  
Stock (19,356)  
Total consideration paid (40,282)  
Goodwill 13,617  
Metro Bancshares, Inc [Member]    
Assets acquired:    
Cash and cash equivalents 8,543  
Debt securities 28,833  
Equity securities 499  
Loans 152,869  
Allowance for loan losses (1,621)  
Premises and equipment, net 7,606  
Accrued interest receivable 484  
Deferred taxes 754  
Other real estate owned 2,373  
Bank owned life insurance contracts 2,685  
Core deposit intangible 0  
Other assets 364  
Total assets acquired 203,389  
Liabilities assumed:    
Deposits 175,236  
Federal funds purchased 2,175  
Other borrowings 1,400  
Accrued interest payable 89  
Other liabilities 996  
Total liabilities assumed 179,896  
Net assets acquired 23,493  
Consideration Paid:    
Cash (20,900)  
Goodwill   $ 13,600
Preliminary Fair Value Adjustment [Member]    
Assets acquired:    
Cash and cash equivalents [1] 0  
Debt securities [1],[2] (41)  
Equity securities [1] 0  
Loans [1],[3] (3,874)  
Allowance for loan losses [1],[3] 1,621  
Premises and equipment, net [1],[4] 762  
Accrued interest receivable [1] 0  
Deferred taxes [1],[5] 3,153  
Other real estate owned [1],[6] (25)  
Bank owned life insurance contracts [1] 0  
Core deposit intangible [1],[7] 2,090  
Other assets [1] 0  
Total assets acquired [1] 3,686  
Liabilities assumed:    
Deposits [1],[8] 518  
Federal funds purchased [1] 0  
Other borrowings [1],[9] (4)  
Accrued interest payable [1] 0  
Other liabilities [1] 0  
Total liabilities assumed [1] 514  
Net assets acquired [1] $ 3,172  
[1] The Company’s acquisition of Metro Bancshares, Inc. closed on January 31, 2015. During the second quarter of 2015, the fair value of other real estate owned was adjusted down by $280,000 to reflect the price received in an unsolicited offer to buy the property by a third party. During the second quarter of 2015, premises and equipment was written down by $41,000 to reflect the price received from a third party buyer of a piece of unimproved land held by the Company. During the fourth quarter of 2015, deferred taxes were adjusted upward by $3,126,000 to reflect the net operating loss recognized by Metro for January 2015.
[2] Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired debt securities portfolio.
[3] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses.
[4] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired.
[5] Adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial statement purposes and their basis for federal income tax purposes.
[6] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other real estate owned acquired.
[7] Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition.
[8] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits.
[9] Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed debt.