Schedule of Business Acquisition |
The purchase price of both acquisitions has been allocated as follows (in thousands): | | | | | | | | | | | | 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 |
| 372,169 |
| 445,632 |
| 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 |
| 7,989 |
| 12,615 |
| Total identifiable assets | 126,445 |
| 437,818 |
| 564,263 |
| | | | | Identifiable liabilities: | | | | Deposits | 122,723 |
| 383,070 |
| 505,793 |
| Other liabilities | 841 |
| 24,484 |
| 25,325 |
| Total identifiable liabilities | 123,564 |
| 407,554 |
| 531,118 |
| | | | | Net identifiable assets | 2,881 |
| 30,264 |
| 33,145 |
| Goodwill | 8,241 |
| 8,271 |
| 16,512 |
| Core deposit intangible | 1,273 |
| 2,711 |
| 3,984 |
| | $ | 12,395 |
| $ | 41,246 |
| $ | 53,641 |
|
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Acquired Loans At Acquisition |
The following table presents information regarding the purchased credit-impaired and noncredit-impaired loans acquired in conjunction with both acquisitions (in thousands):
| | | | | | | | | | | | Virginia | | | | Savings | Community | Total | Acquired Credit-Impaired | | | | Contractually required principal and interest | $ | 11,567 |
| $ | 55,983 |
| $ | 67,550 |
| Contractual cash flows not expected to be collected (non-accretable difference) | (3,973 | ) | (19,758 | ) | (23,731 | ) | Expected cash flows | 7,594 |
| 36,225 |
| 43,819 |
| Interest component of expected cash flows (accretable difference) | (954 | ) | (5,469 | ) | (6,423 | ) | Estimated fair value of purchased credit impaired loans acquired | $ | 6,640 |
| $ | 30,756 |
| $ | 37,396 |
| | | | | Acquired NonCredit-Impaired | | | | Outstanding balance | $ | 72,476 |
| $ | 356,822 |
| $ | 429,298 |
| Less: fair value adjustment | (5,653 | ) | (15,409 | ) | (21,062 | ) | Fair value of acquired noncredit-impaired loans | $ | 66,823 |
| $ | 341,413 |
| $ | 408,236 |
|
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Schedule Of Intangible Assets |
The following table presents a rollforward of the Company’s intangible assets from the beginning of the year (in thousands):
| | | | | | Intangible Assets | Beginning balance | $ | 2,069 |
| Core deposit intangible acquired in conjunction with the acquisition of Community | 2,711 |
| Amortization expense | (1,039 | ) | Ending balance | $ | 3,741 |
|
The following table summarizes core deposit intangibles, which are subject to amortization (in thousands):
| | | | | | | | | 2013 | 2012 | | | | Gross carrying amount | $ | 8,387 |
| $ | 5,677 |
| Accumulated amortization | (4,646 | ) | (3,608 | ) | | $ | 3,741 |
| $ | 2,069 |
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