ACQUISITION ACTIVITY (Tables) (PSB Financial Corp [Member])

12 Months Ended

Dec. 31, 2013

PSB Financial Corp [Member]

Business Acquisition [Line Items]

Schedule of business acquisition

On December 28, 2012, the Company acquired all of the outstanding common stock of PSB Financial Corporation (“PSB”), the holding company of Many, Louisiana based The Peoples State Bank, for total consideration of $39.5 million, which resulted in goodwill of $18.0 million, as shown in the following table (dollars in thousands):

	Number of Shares		Amount
Equity consideration:
Common stock issued		756,511	$	11,530
Preferred stock issued		99,971		9,997
Non-equity consideration:
Cash				16,003
Contingent value right				2,000
Total consideration paid				39,530
Fair value of net assets acquired including identifiable intangible assets				(21,572	)
Goodwill			$	17,958

Assets purchased and liabilities assumed and adjustments to fair value for business acquisition

The following table provides the assets purchased and the liabilities assumed and the adjustments to fair value (in thousands):

	As Recorded		Fair Value			Fair
Assets	By PSB		Adjustments			Value
Cash	$	17,847	$	-		$	17,847
Federal funds sold		5,200		-			5,200
Time deposits held in banks		172		-			172
Investment securities		152,667		-			152,667
Loans receivable		269,053		(9,000	)		260,053
Fixed assets		11,845		578			12,423
Core deposit intangible		-		2,662			2,662
Cash surrender value of life insurance		8,234		-			8,234
Other real estate owned		838		-			838
Other assets		4,635		314			4,949
Total assets acquired	$	470,490	$	(5,446	)	$	465,045
Liabilities
Deposits	$	399,845	$	722		$	400,567
FHLB advances		25,296		1,832			27,128
Notes payable		2,000		-			2,000
Junior subordinated debentures		13,919		-			13,919
Other liabilities		2,606		(2,747	)		(141	)
Total liabilities assumed	$	443,666	$	(193	)		443,473
Fair value of net assets acquired including identifiable intangible assets						$	21,572

Unaudited Pro forma information

In addition, the $1.2 million in merger expenses related to the acquisition are included for the year ended December 31, 2012.

	December 31,
	2012		2011
Total revenues, net of interest expense	$	89,845	$	80,573
Net income		14,694		10,361
Earnings per share – basic		1.12		0.76
Earnings per share - diluted		1.09		0.75

Loans at the acquisition date

Loans at the acquisition date are presented in the following table (in thousands):

	Acquired Impaired Loans		Acquired Performing Loans		Total Acquired  Loans
Commercial, financial, and agricultural	$	82	$	59,011	$	59,093
Real estate – construction		-		16,431		16,431
Real estate – commercial		4,205		127,866		132,071
Real estate – residential		455		34,232		34,687
Installment loans to individuals		-		17,652		17,652
Other		-		119		119
Total	$	4,742	$	255,311	$	260,053

Information about the acquired impaired loans at acquisition

The following table presents information about the acquired impaired loans at acquisition (in thousands):

Contractually required principal and interest payments	$	7,449
Non-accretable discount		2,084
Cash flows expected to be collected		5,365
Accretable discount		623
Fair value of loans acquired with a deterioration of credit quality	$	4,742

Schedule of changes in the carrying amount of the accretable yield for purchased impaired and non-impaired loans

The following table presents changes in the carrying amount of the accretable yield for purchased impaired and non-impaired loans for the years ended December 31, 2012 and 2013 (in thousands):

	2013			2012
Balance, beginning of year	$	11,400		$	-
Acquisition of PSB		-			11,400
Accretion		(4,821	)		-
Net transfers from nonaccretable difference to accretable yield		368			-
Balance, end of year	$	6,947		$	11,400