Acquisition and Divestiture Activity (Tables)

6 Months Ended

Jun. 30, 2014

Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Tower acquisition is allocated as follows (in thousands):


Cash and cash equivalents	$	56,345
Investment securities		142,759
Loans		371,528
Premises and equipment		8,516
Accrued interest receivable		2,371
Other real estate owned		473
Company-owned life insurance		21,281
Other assets		15,658
Deposits		(527,995	)
Short-term borrowings		(18,898	)
Other borrowings		(21,113	)
Accrued expenses and other liabilities		(4,681	)

Net tangible assets acquired		46,244
Definite-lived intangible assets acquired		8,382
Goodwill		55,745

Total estimated fair value of consideration transferred	$	110,371

Schedule of Components of Estimated Fair Value of Intangible Assets

The components of the estimated fair value of the acquired identifiable intangible assets are in the table below.


	Estimated Fair Value (in millions)		Estimated Useful Lives (Years)
Core deposit intangible	$	4.6		7
Trust customer relationship intangible	$	3.8		12

Summary of Unaudited Pro-forma Information

Summary of Unaudited Pro-forma Information


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2014		2013		2014		2013
Revenue (1)	$	139,166	$	146,422	$	288,301	$	292,780
Net income	$	25,623	$	28,009	$	59,635	$	53,886

(1)	Net interest income plus noninterest income.

Bank of America [Member]

Schedule of Purchase Price Allocation

During the three months ended June 30, 2014, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands):


Cash and equivalents	$	562,906
Loans		5,638
Premises and equipment		12,559
Accrued interest receivable		15
Other assets		331
Deposits		(565,106	)
Accrued expenses and other liabilities		(246	)

Net tangible assets acquired		16,097
Definite-lived intangible assets acquired		3,462
Goodwill		13,347

Purchase price	$	32,906