ACQUISITION (Tables)
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12 Months Ended |
Dec. 31, 2014
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Business Combinations [Abstract] |
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Schedule of Consideration Paid |
The components of the consideration paid are shown in the following table (in thousands). | | | | | | | Fair value of consideration transferred: | | | | Common stock issued | | $ | 151,891 |
| | Cash | | 157,408 |
| | Less: Post-combination share-based compensation expense (1) | | 8,874 |
| | Reimbursement of contract cancellation fees | | 1,815 |
| | Non-compete agreements | | 300 |
| Total consideration transferred | | $ | 298,310 |
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(1) In connection with the merger, we recorded the unvested stock options and the non-vested restricted stock awards as a post-combination expense. |
Schedule of Assets Acquired and Liabilities Assumed |
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction are shown in the following table (in thousands). | | | | | Cash, cash equivalents, and amounts due from banks | $ | 21,214 |
| Other investments | 15,698 |
| Securities available for sale | 428,447 |
| Loans held for sale | 748 |
| Loans | 763,327 |
| Property and equipment | 58,928 |
| Bank owned life insurance | 44,964 |
| Other assets | 13,409 |
| Core deposit intangible | 8,570 |
| Goodwill | 69,338 |
| Deposits | (801,327 | ) | Short-term borrowings | (7,000 | ) | Federal Home Loan Bank advances | (308,516 | ) | Deferred tax liability, net | (3,244 | ) | Other liabilities | (6,246 | ) | | $ | 298,310 |
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Schedule of Acquired PCI Loans |
The table below details the PCI loan portfolio at acquisition date (in thousands): | | | | | | Purchased Credit Impaired Loans at Acquisition Date | Contractually required principal and interest payments | $ | 46,647 |
| Nonaccretable difference | 23,262 |
| Cash flows expected to be collected | 23,385 |
| Accretable difference | 1,898 |
| Fair value of loans acquired with a deterioration of credit quality | $ | 21,487 |
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The following table presents the outstanding principal balance and carrying value for PCI loans for the periods presented (in thousands):
| | | | | | December 31, 2014 | Outstanding principal balance | $ | 32,572 |
| Carrying amount | $ | 21,346 |
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Schedule of Acquired Loans that were Considered Performing |
Acquired loans that were considered performing at acquisition date and therefore not subject to ASC 310-30 are shown below (in thousands): | | | | | | | | | | | | | | Fair Value at Acquisition Date | | Contractual Amounts Receivable | | Cash Flows Not Expected to be Collected at Acquisition Date (1) | Real Estate Loans: | | | | | | Construction | $ | 49,625 |
| | $ | 56,877 |
| | $ | 3,947 |
| 1-4 Family Residential | 282,577 |
| | 608,986 |
| | 248,669 |
| Other | 152,087 |
| | 190,920 |
| | 15,692 |
| Commercial Loans | 59,007 |
| | 72,583 |
| | 8,602 |
| Loans to Individuals | 199,292 |
| | 261,280 |
| | 34,689 |
| Total Loans | $ | 742,588 |
| | $ | 1,190,646 |
| | $ | 311,599 |
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(1) Cash flows not expected to be collected relate to estimated credit losses and expected prepayments.
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