Schedule of Business Acquisition |
The purchase price of both acquisitions has been allocated as follows (in thousands): | | | | | | | | | | | | | | | | (preliminary) | | | | Virginia Savings | | Community | | Total | Date of acquisition | May 31, 2012 | | January 10, 2013 | | | | | | | | | Consideration: | | | | | | Cash | $ | 4,672 |
| | $ | 12,738 |
| | $ | 17,410 |
| Common stock | 7,723 |
| | 27,783 |
| | 35,506 |
| Warrant issued | — |
| | 725 |
| | 725 |
| | $ | 12,395 |
| | $ | 41,246 |
| | $ | 53,641 |
| | | | | | | Identifiable assets: | | | | | | Cash and cash equivalents | $ | 24,943 |
| | $ | 8,888 |
| | $ | 33,831 |
| Investment securities | 14,082 |
| | 17,659 |
| | 31,741 |
| Loans | 73,463 |
| | 370,754 |
| | 444,217 |
| Bank owned life insurance | — |
| | 6,935 |
| | 6,935 |
| Premises and equipment | 5,158 |
| | 8,950 |
| | 14,108 |
| Deferred tax asset, net | 4,173 |
| | 15,228 |
| | 19,401 |
| Other assets | 4,626 |
| | 7,988 |
| | 12,614 |
| Total identifiable assets | 126,445 |
| | 436,402 |
| | 562,847 |
| | | | | | | Identifiable liabilities: | | | | | | Deposits | 122,723 |
| | 383,070 |
| | 505,793 |
| Other liabilities | 841 |
| | 24,086 |
| | 24,927 |
| Total identifiable liabilities | 123,564 |
| | 407,156 |
| | 530,720 |
| | | | | | | Net identifiable asset | 2,881 |
| | 29,246 |
| | 32,127 |
| Goodwill | 8,241 |
| | 9,289 |
| | 17,530 |
| Core deposit intangible | 1,273 |
| | 2,711 |
| | 3,984 |
| | $ | 12,395 |
| | $ | 41,246 |
| | $ | 53,641 |
|
|
Acquired Loans At Acquisition |
The following table presents the purchased credit-impaired loans acquired in conjunction with both acquisitions (in thousands): | | | | | | | | | | | | | | Virginia | | | | | | Savings | | Community | | Total | Contractually required principal and interest | $ | 11,567 |
| | $ | 58,014 |
| | $ | 69,581 |
| Contractual cash flows not expected to be collected (non-accretable difference) | (3,973 | ) | | (20,724 | ) | | (24,697 | ) | Expected cash flows | 7,594 |
| | 37,290 |
| | 44,884 |
| Interest component of expected cash flows (accretable difference) | (954 | ) | | (5,587 | ) | | (6,541 | ) | Estimated fair value of purchased credit impaired loans acquired | $ | 6,640 |
| | $ | 31,703 |
| | $ | 38,343 |
| | |
| | | | |
|