Business Combinations (Tables)

9 Months Ended

Sep. 30, 2012

Business Combinations [Abstract]

Summary of the net assets received in acquisition

A summary of the net assets received in the Citizens acquisition, at their estimated fair values, is presented below:

	Citizens
(In thousands)	September 23, 2011
Asset acquired:
Cash and cash equivalents	$	80,707
Securities available-for-sale		9,353
Restricted equity securities		1,926
Loans		167,484
Core deposit intangible		898
Foreclosed assets		8,412
Other assets		1,524
Total assets acquired	$	270,304
Liabilities assumed:
Deposits	$	239,899
Other borrowings		22,038
Other liabilities		792
Total liabilities assumed		262,729
Net assets acquired/bargain purchase gain	$	7,575

Summary of the estimated fair value adjustments resulting in the bargain purchase gain

A summary of the estimated fair value adjustments resulting in the bargain purchase gain in the Citizens acquisition are presented below:

	Citizens
(In thousands)	September 23, 2011
Cost basis net assets acquired	$	26,682
Cash payment received from FDIC		44,140
Fair value adjustments:
Cash and cash equivalents		539
Loans		(57,745	)
Foreclosed assets		(5,609	)
Core deposit intangible		898
Deposits		(382	)
Borrowings		(28	)
Other		(920	)
Bargain purchase gain	$	7,575

Summary of principal balance loans acquired

The following table presents a reconciliation of the undiscounted contractual cash flows, nonaccretable difference, accretable yield, fair value, purchase discount, and principal balance of loans for the various categories of Citizens PNCI and PCI loans as of the acquisition date. For PCI loans, the purchase discount does not necessarily represent cash flows to be collected as a portion of it is a nonaccretable difference:

	Citizens Loans – September 23, 2011
(In thousands)	PNCI			PCI – other			PCI – cash basis			Total
Undiscounted contractual cash flows	$	230,106		$	69,346		$	35,205		$	334,657
Undiscounted cash flows not expected to be collected (nonaccretable difference)		—			(26,846	)		(24,517	)		(51,363	)
Undiscounted cash flows expected to be collected		230,106			42,500			10,688			283,294
Accretable yield at acquisition		(105,664	)		(10,146	)		—			(115,810	)
Estimated fair value of loans acquired at acquisition		124,442			32,354			10,688			167,484
Purchase discount		20,364			23,207			14,174			57,745
Principal balance loans acquired	$	144,806		$	55,561		$	24,862		$	225,229