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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