Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Acquired Loans Accounted for at Fair Value

In conjunction with the Cardinal merger, the acquired loan portfolio was accounted for at fair value as follows:

(In thousands)	April 21, 2017
Contractually required principal and interest at acquisition	$	4,211,734
Contractual cash flows not expected to be collected		(56,176	)
Expected cash flows at acquisition		4,155,558
Interest component of expected cash flows		(986,959	)
Basis in acquired loans at acquisition – estimated fair value	$	3,168,599

Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed

The consideration paid for Bank of Georgetown’s common equity and the fair value of acquired identifiable assets and liabilities assumed as of the BOG Acquisition Date were as follows:

(In thousands)
Purchase price:
Value of common shares issued (6,527,746 shares)	$	253,799
Fair value of stock options assumed		10,696
Cash for fractional shares		10
Total purchase price		264,505
Identifiable assets:
Cash and cash equivalents		29,340
Investment securities		219,783
Loans		966,870
Premises and equipment		5,574
Core deposit intangibles		9,058
Other assets		31,605
Total identifiable assets	$	1,262,230
Identifiable liabilities:
Deposits	$	971,685
Short-term borrowings		101,021
Long-term borrowings		67,659
Other liabilities		11,532
Total identifiable liabilities		1,151,897
Fair value of net assets acquired including identifiable intangible assets		110,333
Resulting goodwill	$	154,172

Cardinal Financial Corporation [Member]

Schedule of Acquired Loans Accounted for at Fair Value

In conjunction with the Bank of Georgetown merger, the acquired loan portfolio was accounted for at fair value as follows:

(In thousands)	June 3, 2016
Contractually required principal and interest at acquisition	$	1,275,398
Contractual cash flows not expected to be collected		(33,980	)
Expected cash flows at acquisition		1,241,418
Interest component of expected cash flows		(274,548	)
Basis in acquired loans at acquisition – estimated fair value	$	966,870

Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed

The consideration paid for Cardinal’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Cardinal Acquisition Date were as follows:

(In thousands)
Purchase price:
Value of common shares issued (23,690,589 shares)	$	972,499
Fair value of stock options assumed		2,741
Cash for fractional shares		14
Total purchase price		975,254
Identifiable assets:
Cash and cash equivalents		44,545
Investment securities		395,829
Loans held for sale		271,301
Loans		3,168,599
Premises and equipment		24,208
Core deposit intangibles		28,724
George Mason trade name intangible		1,080
Other assets		135,383
Total identifiable assets	$	4,069,669
Identifiable liabilities:
Deposits	$	3,349,812
Short-term borrowings		96,215
Long-term borrowings		220,119
Unfavorable lease liability		2,281
Other liabilities		39,274
Total identifiable liabilities		3,707,701
Preliminary fair value of net assets acquired including identifiable intangible assets		361,968
Preliminary resulting goodwill	$	613,286

Schedule of Business Acquisition Pro Forma Information

Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts.

	Proforma Year Ended December 31
(In thousands)	2017		2016
Total Revenues (1)	$	763,807	$	784,198
Net Income		153,810		216,335

⁽¹⁾  Represents net interest income plus other income