EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Computation of Earnings Per Share

	Three months ended September 30, 2014			Three months ended September 30, 2013
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	2,900		$	1,717
Net income allocated to participating securities		(19	)		(4	)
Net income allocated to common stock	$	2,881		$	1,713
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	500		$	—
Undistributed earnings allocated to common stock		2,381			1,713
Net income allocated to common stock	$	2,881		$	1,713
Weighted average common shares outstanding, including shares considered participating securities		50,031			50,219
Less: Average participating securities		(333	)		(109	)
Weighted average shares		49,698			50,110
Basic earnings per common share	$	0.06		$	0.03
Diluted earnings per common share computation:
Net income allocated to common stock	$	2,881		$	1,713
Weighted average common shares outstanding for basic earnings per common share		49,698			50,110
Add: Dilutive effects of assumed exercises of stock options		260			272
Weighted average shares and dilutive potential common shares		49,958			50,382
Diluted earnings per common share	$	0.06		$	0.03

	Nine months ended September 30, 2014			Nine months ended September 30, 2013
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	47,398		$	7,788
Net income allocated to participating securities		(247	)		(22	)
Amortization of discount on preferred stock		—			(6,751	)
Net income allocated to common stock	$	47,151		$	1,015
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	500		$	—
Undistributed earnings allocated to common stock		46,651			1,015
Net income allocated to common stock	$	47,151		$	1,015
Weighted average common shares outstanding, including shares considered participating securities		50,329			42,455
Less: Average participating securities		(263	)		(118	)
Weighted average shares		50,066			42,337
Basic earnings per common share	$	0.94		$	0.02
Diluted earnings per common share computation:
Net income allocated to common stock	$	47,151		$	1,015
Weighted average common shares outstanding for basic earnings per common share		50,066			42,337
Add: Dilutive effects of assumed exercises of stock options		234			275
Weighted average shares and dilutive potential common shares		50,300			42,612
Diluted earnings per common share	$	0.94		$	0.02

Summary of BCF Resulting from Issuance of Preferred Shares

The BCF resulting from the issuance of the preferred shares of United Community is calculated as follows:

Total common shares that may be issued upon conversion of preferred shares		7,942,000
Intrinsic value (difference between consideration allocated to preferred stock upon conversion at $2.75 per share and market price of $3.60 per share on March 22, 2013)	$	0.85
Beneficial conversion feature	$	6,750,700