Merger with MidCarolina (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of consideration paid, and the fair value of identifiable assets acquired and liabilities assumed

In connection with the merger, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed as of the merger date are summarized in the following table.

(dollars in thousands)
Consideration paid:
Common shares issued (1,626,157)	$	29,905
Cash paid to shareholders		12
Fair value of options		132
Preferred shares issued (5,000)		5,000
Value of consideration		35,049

Assets acquired:
Cash and cash equivalents		34,783
Investment securities		51,442
Loans held for sale		113
Loans, net of unearned income		328,123
Premises and equipment, net		5,708
Deferred income taxes		15,310
Core deposit intangible		6,556
Other real estate owned		3,538
Other assets		13,535
Total assets		459,108

Liabilities assumed:
Deposits		420,248
FHLB advances		9,858
Other borrowings		6,546
Other liabilities		3,982
Total liabilities		440,634
Net assets acquired		18,474
Goodwill resulting from merger with MidCarolina	$	16,575

Schedule of acquired loans that are accounted for in accordance with FASB ASC 310-30

The following table details the acquired loans that are accounted for in accordance with FASB ASC 310-30 (formerly Statement of Position ("SOP") 03-3) as of July 1, 2011 (in thousands).

Contractually required principal and interest at acquisition	$	56,681
Contractual cash flows not expected to be collected (nonaccretable difference)		17,472
Expected cash flows at acquisition		39,209
Interest component of expected cash flows (accretable discount)		1,663
Fair value of acquired loans accounted for under FASB ASC 310-30	$	37,546