ACQUISITION (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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 | | $ | 200,364 |
| | Cash | | 23,941 |
| Total consideration transferred | | $ | 224,305 |
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Schedule of Goodwill |
The following table reflects the changes in the carrying amount of our goodwill for the year ended December 31, 2018 (in thousands): | | | | | | | | Goodwill | Balance as of December 31, 2017 | | $ | 201,246 |
| Less: measurement period adjustments | | (130 | ) | Balance as of December 31, 2018 | | $ | 201,116 |
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Schedule of assets acquired and liabilities assumed |
The estimated fair values of the assets acquired and liabilities assumed as of the closing date of the transaction adjusted for the subsequent measurement period adjustments are shown in the following table (in thousands): | | | | | | | | | | | | | | As Originally Reported (1) | | Measurement Period Adjustments | | Adjusted Balances | Cash, cash equivalents and amounts due from banks | $ | 115,598 |
| | $ | — |
| | $ | 115,598 |
| Other investments | 610 |
| | — |
| | 610 |
| Securities available for sale | 234,447 |
| | — |
| | 234,447 |
| Loans | 621,318 |
| | — |
| | 621,318 |
| Property and equipment | 26,256 |
| | — |
| | 26,256 |
| Other assets | 7,052 |
| | — |
| | 7,052 |
| Core deposit intangible | 14,700 |
| | — |
| | 14,700 |
| Trust relationship intangible | 5,400 |
| | — |
| | 5,400 |
| Goodwill | 109,726 |
| | (130 | ) | | 109,596 |
| Deposits | (899,307 | ) | | — |
| | (899,307 | ) | Deferred tax liability, net | (7,802 | ) | | 84 |
| | (7,718 | ) | Other liabilities | (3,693 | ) | | 46 |
| | (3,647 | ) | | $ | 224,305 |
| | $ | — |
| | $ | 224,305 |
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| | (1) | The estimated fair value as of the acquisition date, November 30, 2017, as previously reported in our Form 10-K for the year ended December 31, 2017. |
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Schedule of acquired PCI loans |
The table below details the PCI loan portfolio at the Diboll acquisition date (in thousands): | | | | | | Purchased Credit Impaired Loans at Acquisition Date | Contractually required principal and interest payments | $ | 59,286 |
| Nonaccretable difference | 4,560 |
| Cash flows expected to be collected | 54,726 |
| Accretable difference | 15,389 |
| Fair value of loans acquired with a deterioration of credit quality | $ | 39,337 |
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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, 2018 | | December 31, 2017 | Outstanding principal balance (1) | $ | 51,388 |
| | $ | 52,426 |
| Carrying amount (1) | $ | 46,402 |
| | $ | 45,233 |
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(1) At December 31, 2018, PCI totals include approximately $14.0 million in new funds to a borrower that has since been upgraded to a Pass credit.
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Schedule of acquired loans that were considered performing |
Acquired loans that were considered performing at the Diboll 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 | $ | 40,122 |
| | $ | 56,905 |
| | $ | 330 |
| 1-4 Family Residential | 82,654 |
| | 130,167 |
| | 26,894 |
| Commercial | 319,623 |
| | 484,529 |
| | 97,431 |
| Commercial Loans | 82,083 |
| | 87,688 |
| | 1,226 |
| Municipal Loans | 7,848 |
| | 9,998 |
| | 28 |
| Loans to Individuals | 49,651 |
| | 54,687 |
| | 1,490 |
| Total Loans | $ | 581,981 |
| | $ | 823,974 |
| | $ | 127,399 |
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| | (1) | Cash flows not expected to be collected relate to estimated credit losses and expected prepayments. |
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