Acquisitions (Tables)

3 Months Ended

Mar. 31, 2015

Acquisitions

Schedule of contractual amounts due, expected cash flows to be collected, interest component and fair value as of the respective acquisition dates

	Acquired Loans
	IFH		IDPK
	(dollars in thousands)
Contractual amounts due	$	98,320	$	453,987
Cash flows not expected to be collected	—		3,795
Expected cash flows	98,320		450,192
Interest component of expected cash flows	19,487		117,299
Fair value of acquired loans	$	78,833	$	332,893

Summary of pro forma net interest and other income, net income and earnings per share

	Three months Ended March 31,
	2015		2014
Net interest and other income	$	24,687	$	19,715
Net income	802		3,028
Basic earnings per share	$	0.04	$	0.14
Diluted earnings per share	$	0.04	$	0.14

Independence Bank

Acquisitions

Schedule of assets acquired and liabilities assumed and the provisional fair value adjustments and amounts recorded

	IDBK Book Value			Fair Value Adjustments			Fair Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	10,486					$	10,486
Investment securities	56,503			(382		)	56,121
Loans, gross	339,502			(6,609		)	332,893
Allowance for loan losses	(3,301		)	3,301			—
Deferred income taxes	3,252			717			3,969
Bank owned life insurance	11,276						11,276
Core deposit intangible	904			1,999			2,903
Other assets	3,756			105			3,860
Total assets acquired	$	422,378		$	(869	)	$	421,508
LIABILITIES ASSUMED
Deposits	$	335,685		$	333		$	336,018
FHLB advances	33,300						33,300
Other liabilities	1,916			(120		)	1,796
Total liabilities assumed	370,901			213			371,114
Excess of assets acquired over liabilities assumed	$	51,477		$	(1,082	)	50,394
Consideration paid							78,454
Goodwill recognized							$	28,060

Infinity Franchise Holdings Acquisition

Acquisitions

Schedule of assets acquired and liabilities assumed and the provisional fair value adjustments and amounts recorded

	IFH Book Value			Fair Value Adjustments			Fair Value
	(dollars in thousands)
ASSETS ACQUIRED
Cash and cash equivalents	$	555		$	—		$	555
Loans, gross	78,833			—			78,833
Deferred loan costs	1,082			(1,082		)	—
Allowance for loan losses	(268		)	268			—
Other assets	776			—			776
Total assets acquired	$	80,978		$	(814	)	$	80,164
LIABILITIES ASSUMED
Bank loan	$	67,617		$	—		$	67,617
Accrued compensation	495			—			495
Other liabilities	214			—			214
Total liabilities assumed	68,326			—			68,326
Excess of assets acquired over liabilities assumed	$	12,652		$	(814	)	11,838
Consideration paid							17,360
Goodwill recognized							$	5,522