ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):



Purchase Price:
Fair value of shares of the Company's common stock issued & warrants converted			$	794,809
Cash paid for Xenith stock options			6,170
Total purchase price			$	800,979

Fair value of assets acquired:
Cash and cash equivalents	$	174,218
AFS securities	295,782
Restricted stock, at cost	27,569
Net loans	2,454,151
Premises and equipment	44,912
OREO	5,250
Core deposit intangibles	38,470
Other assets	202,871
Total assets	$	3,243,223

Fair value of liabilities assumed:
Deposits	$	2,549,683
Other short-term borrowings	235,000
Borrowings	55,542
Other liabilities	26,664
Total liabilities	$	2,866,889

Net assets acquired			$	376,334
Preliminary goodwill			$	424,645

Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans

The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):



Contractually required principal and interest payments	$	114,270
Nonaccretable difference	(19,800		)
Cash flows expected to be collected	94,470
Accretable difference	(15,206		)
Fair value of loans acquired with a deterioration of credit quality	$	79,264

Business Acquisition, Pro Forma Information

The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):



	Pro forma for the three months ended				Pro forma for the nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenues ⁽¹⁾	$	125,850	$	118,039	$	398,354	$	350,465
Net income	$	39,326	$	28,997	$	132,065	$	83,675
EPS	$	0.60	$	0.44	$	2.01	$	1.27

(1) Includes net interest income and noninterest income.