Business Combinations (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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 PNCI and PCI - other categories of North Valley Bancorp loans
as of the acquisition date. For North Valley Bancorp PCI –
other loans, the purchase discount does not necessarily represent
cash flows to be collected:
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North Valley Bancorp Loans – October 3, 2014 |
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(in thousands) |
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PNCI |
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PCI - other |
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Total |
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Undiscounted contractual cash flows
|
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$ |
718,731 |
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$ |
15,706 |
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$ |
734,437 |
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Undiscounted cash flows not expected to be collected (nonaccretable
difference)
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— |
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(6,295 |
) |
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(6,295 |
) |
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Undiscounted cash flows expected to be collected
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718,731 |
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9,411 |
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728,142 |
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Accretable yield at acquisition
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(228,815 |
) |
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— |
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(228,815 |
) |
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Estimated fair value of loans acquired at acquisition
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489,916 |
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9,411 |
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499,327 |
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Purchase discount
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12,721 |
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2,077 |
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14,798 |
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Principal balance loans acquired
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$ |
502,637 |
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$ |
11,488 |
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$ |
514,125 |
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North Valley Bancorp [Member] |
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Schedule of Fair Value of Consideration Transferred, Identifiable Net Assets Acquired and Resulting Goodwill |
The following table discloses the calculation of the fair value of
consideration transferred, the total identifiable net assets
acquired and the resulting goodwill relating to the North Valley
Bancorp acquisition:
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(in thousands) |
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North Valley Bancorp
October 3, 2014 |
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Fair value of consideration transferred:
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Fair value of shares issued
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$ |
151,303 |
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Cash consideration
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7 |
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Total fair value of consideration transferred
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151,310 |
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Asset acquired:
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Cash and cash equivalents
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141,412 |
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Securities available for sale
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17,288 |
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Securities held to maturity
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189,950 |
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Restricted equity securities
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5,378 |
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Loans
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499,327 |
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Foreclosed assets
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695 |
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Premises and equipment
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11,936 |
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Cash value of life insurance
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38,075 |
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Core deposit intangible
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6,614 |
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Other assets
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20,064 |
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Total assets acquired
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930,739 |
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Liabilities assumed:
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Deposits
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801,956 |
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Other liabilities
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10,429 |
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Junior subordinated debt
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14,987 |
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Total liabilities assumed
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827,372 |
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Total net assets acquired
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103,367 |
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Goodwill recognized
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$ |
47,943 |
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Summary of Estimated Fair Value Adjustments Resulting In Goodwill |
A summary of the estimated fair value adjustments resulting in the
goodwill recorded in the North Valley Bancorp acquisition are
presented below:
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(in thousands) |
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North Valley Bancorp
October 3, 2014 |
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Value of stock consideration paid to
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North Valley Bancorp Shareholders
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$ |
151,303 |
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Cash payments to North
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Valley Bancorp Shareholders
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7 |
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Cost basis net assets acquired
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(98,040 |
) |
Fair value adjustments:
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Loans
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5,832 |
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Premises and Equipment
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(4,785 |
) |
Core deposit intangible
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(6,283 |
) |
Deferred income taxes
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6,293 |
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Junior subordinated debt
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(6,664 |
) |
Other
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|
280 |
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Goodwill
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$ |
47,943 |
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Schedule of Cost Basis, Fair Value Discount and loan Acquired |
The following table presents the cost basis, fair value discount,
and fair value of loans acquired from North Valley Bancorp on
October 3, 2014:
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North Valley Bancorp Acquired
Loans
October 3, 2014 |
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(in thousands) |
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Cost Basis |
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Discount |
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Fair Value |
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PNCI
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$ |
502,637 |
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$ |
(12,721 |
) |
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$ |
489,916 |
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PCI – other
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11,488 |
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(2,077 |
) |
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9,411 |
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Total
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$ |
514,125 |
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$ |
(14,798 |
) |
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$ |
499,327 |
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