Acquisition (Tables)

3 Months Ended

Mar. 31, 2017

The acquisition of Global One constituted a business combination. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as shown in the following table. The determination of fair value required management to make estimates about discount rates, future expected earnings and cash flows, market conditions, future loan growth, and other future events that are highly subjective in nature and subject to change. These fair value estimates reflect adjustments to the amounts reported as of December 31, 2016, the most significant of which consist of a reduction in recorded goodwill of $2.7 million and a decrease in the estimated fair value of contingent consideration of $2.6 million. Further, these fair value estimates are considered preliminary and are subject to change for up to one year after the closing date of the acquisition as additional information becomes available.



Global One	October 1, 2016
(in thousands)	Fair Value
Assets acquired:
Cash and due from banks	$	9,554
Commercial and industrial loans⁽¹⁾	357,307
Goodwill⁽²⁾	32,579
Other intangible assets	12,500
Other assets	2,742
Total assets acquired	$	414,682
Liabilities assumed:
Notes payable⁽³⁾	$	358,560
Contingent consideration	11,421
Deferred tax liability, net	2,798
Other liabilities	11,903
Total liabilities assumed	$	384,682
Consideration paid	$	30,000

Cash paid	$	3,408
Fair value of common stock issued	26,592

⁽¹⁾The unpaid principal balance of the loans was $356.7 million.

⁽²⁾The goodwill is not expected to be deductible for tax purposes.

⁽³⁾ The unpaid principal balance of the notes payable was $357.0 million.