MERGER (Tables)

3 Months Ended

Mar. 31, 2014

MERGER

Schedule of fair value of consideration transferred, based on market price of PMC Commercial shares on Acquisition Date

	(in thousands, except per share data)
PMC Commercial shares outstanding		10,596
Equity consideration price per common share	$	4.21
Fair value of the equity consideration		44,610
Payment in cash—special dividend		58,279
Total purchase price	$	102,889

Schedule of allocation of purchase price

	(in thousands)
Assets
Cash and cash equivalents	$	3,185
Loans receivable		207,140
Accounts receivable and interest receivable		755
Other assets		5,396
Intangible assets		2,957
Total assets acquired		219,433
Liabilities
Debt		99,849
Accounts payable and accrued expenses		7,396
Special dividend liability and dividend payable		59,286
Other liabilities		3,374
Total liabilities assumed		169,905
Net identifiable assets acquired		49,528
Bargain purchase gain		(4,918	)
Net purchase price	$	44,610

Schedule of pro forma consolidated financial information

	Three Months Ended March 31,
	2014		2013
	(In thousands, except per share amounts)
Pro forma revenues	$	67,458	$	63,525
Pro forma net income	$	7,090	$	7,211
Pro forma basic earnings per share	$	0.01	$	0.01
Pro forma diluted earnings per share	$	0.01	$	0.01