Business Combinations (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of assets acquired and liabilities assumed

The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values:



(Dollars in thousands)	As recorded by FCB
Purchase price			$	37,486
Assets
Cash and due from banks	$	4,633
Overnight investments	3,188
Investment securities	23,512
Loans	179,243
Premises and equipment	4,944
Other real estate owned	1,567
Income earned not collected	604
Intangible assets	2,268
Other assets	19,192
Total assets acquired	239,151
Liabilities
Deposits	207,556
Borrowings	5,155
Other liabilities	2,850
Total liabilities assumed	$	215,561
Fair value of net assets acquired			23,590
Goodwill recorded for First South Bancorp			$	13,896

The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values:



(Dollars in thousands)	As recorded by FCB
Purchase price			$	118,949
Assets
Cash and due from banks	$	78,010
Overnight investments	306
Investment securities held to maturity	34,539
Loans	863,384
Premises and equipment	1,533
Other real estate owned	2,046
Income earned not collected	3,049
Intangible assets	4,745
Other assets	41,572
Total assets acquired	1,029,184
Liabilities
Deposits	786,512
Borrowings	157,415
Other liabilities	12,829
Total liabilities assumed	$	956,756
Fair value of net assets acquired			72,428
Goodwill recorded for Biscayne Bancshares			$	46,521

The following table relates to purchased non-PCI loans acquired in the Biscayne Bancshares and First South Bancorp transactions and provides the contractually required payments, estimate of contractual cash flows not expected to be collected and fair value of the acquired loans at the acquisition date:



(Dollars in thousands)	Biscayne Bancshares		First South Bancorp
Contractually required payments	$	1,078,854	$	175,465
Fair value at acquisition date	850,352		162,845

The recorded fair values of purchased non-PCI loans acquired in the Biscayne Bancshares and First South Bancorp transactions as of the acquisition date are as follows:



(Dollars in thousands)	Biscayne Bancshares		First South Bancorp
Commercial:
Construction and land development	$	15,647	$	8,663
Commercial mortgage	203,605		74,713
Other commercial real estate	98,107		7,509
Commercial and industrial and leases	28,135		40,208
Total commercial loans	345,494		131,093
Noncommercial:
Residential mortgage	405,419		24,641
Revolving mortgage	54,081		2,162
Construction and land development	31,668		3,552
Consumer	13,690		1,397
Total noncommercial loans	504,858		31,752
Total non-PCI loans	$	850,352	$	162,845

Purchased credit-impaired loans

The following table relates to PCI loans acquired in the Biscayne Bancshares and First South Bancorp transactions and summarizes the contractually required payments, which include principal and interest, expected cash flows to be collected and the fair value of PCI loans at the acquisition date:



(Dollars in thousands)	Biscayne Bancshares		First South Bancorp
Contractually required payments	$	19,720	$	23,389
Contractual cash flows expected to be collected	16,815		21,392
Fair value at acquisition date	13,032		16,398

The recorded fair values of PCI loans acquired in the Biscayne Bancshares and First South Bancorp transactions as of the acquisition date are as follows:



(Dollars in thousands)	Biscayne Bancshares		First South Bancorp
Commercial:
Construction and land development	$	—	$	1,233
Commercial mortgage	7,589		9,355
Commercial and industrial and leases	1,660		1,202
Total commercial loans	9,249		11,790
Noncommercial:
Residential mortgage	3,783		4,591
Construction and land development	—		17
Total noncommercial loans	3,783		4,608
Total PCI loans	$	13,032	$	16,398