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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2016
Acquisitions [Abstract]  
Reconciliation Of Cash Received From The Acquisition



 

 

(Dollars in thousands)

 

 

Fair value of assets acquired

$

 301,499 

Liabilities assumed

 

 (259,718)

Net assets acquired

 

 41,781 

Stock issued as consideration

 

 (21,366)

Cash acquired

 

 (32,699)

Cash received in business combination, net of cash paid

$

 (12,284)



Schedule Of Assets Acquired And Liabilities Assumed



 

 

 

 

 

 

 

 

 



 

First Commercial Bancshares, Inc.



 

 

Acquired from Bancshares

 

 

Fair Value Adjustments

 

 

Fair Value

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Assets, Acquired

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

 5,874 

 

$

 -

 

$

 5,874 

Interest-bearing deposits with other banks

 

 

 17,196 

 

 

 -

 

 

 17,196 

Federal funds sold

 

 

 9,629 

 

 

 -

 

 

 9,629 

Cash and cash equivalents

 

 

 32,699 

 

 

 -

 

 

 32,699 

Investment securities

 

 

 34,762 

 

 

 (184)

 

 

 34,578 

Loans

 

 

 210,223 

 

 

 (7,790)

 

 

 202,433 

Allowance for loan losses

 

 

 4,298 

 

 

 (4,298)

 

 

 -

     Total loans receivable

 

 

 205,925 

 

 

 (3,492)

 

 

 202,433 

Bank premises and equipment, net

 

 

 4,241 

 

 

 1,341 

 

 

 5,582 

Cash value of life insurance

 

 

 7,153 

 

 

 -

 

 

 7,153 

Accrued interest receivable

 

 

 790 

 

 

 -

 

 

 790 

Deferred tax asset

 

 

 1,650 

 

 

 15 

 

 

 1,665 

Core deposit intangible

 

 

 55 

 

 

 2,646 

 

 

 2,701 

Other assets

 

 

 1,644 

 

 

 -

 

 

 1,644 

     Total assets acquired

 

$

 288,919 

 

$

 326 

 

$

 289,245 



 

 

 

 

 

 

 

 

 

Liabilities, Assumed

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

  Demand and non-interest bearing

 

$

 101,464 

 

$

 -

 

$

 101,464 

  Savings and interest-bearing transaction accounts

 

 

 59,356 

 

 

 -

 

 

 59,356 

  Time deposits

 

 

 84,410 

 

 

 -

 

 

 84,410 

     Total Deposits

 

 

 245,230 

 

 

 -

 

 

 245,230 

Other borrowings

 

 

 7,180 

 

 

 -

 

 

 7,180 

Accrued interest payable and other liabilities

 

 

 1,833 

 

 

 320 

 

 

 2,153 

Subordinated debentures

 

 

 5,155 

 

 

 -

 

 

 5,155 

     Total liabilities assumed

 

 

 259,398 

 

 

 320 

 

 

 259,718 



 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

Equity

 

 

 31,158 

 

 

 (31,158)

 

 

 -

     Total equity assumed

 

 

 31,158 

 

 

 (31,158)

 

 

 -



 

 

 

 

 

 

 

 

 

     Total liabilities and equity assumed

 

$

 290,556 

 

$

 (30,838)

 

$

 259,718 



 

 

 

 

 

 

 

 

 

Net assets acquired

 

 

 

 

 

 

 

 

 29,527 

Purchase price

 

 

 

 

 

 

 

 

 41,781 

Goodwill

 

 

 

 

 

 

 

$

 12,254 



Pro Forma Condensed Financial Information







 

 

 

 

 



 

For the year ended December 31,



 

2015(1)

 

 

2014

(Dollars in thousands except per share data)

 

 

 

 

 

Interest income

$

 84,399 

 

$

 84,710 

Interest expense

 

 8,049 

 

 

 8,236 

Net interest income

 

 76,350 

 

 

 76,474 



 

 

 

 

 

Provision for loan losses

 

 (3,080)

 

 

 (6,398)



 

 

 

 

 

Non-interest income

 

 16,292 

 

 

 21,439 

Non-interest expense (2)

 

 68,860 

 

 

 67,779 

Income before taxes

 

 26,862 

 

 

 36,532 

Income taxes

 

 9,601 

 

 

 13,646 

Net income

 

 17,261 

 

 

 22,886 



 

 

 

 

 

Earnings allocated to participating securities

 

 (258)

 

 

 (253)

Numerator for earnings per common share

$

 17,003 

 

$

 22,633 



 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

 0.90 

 

$

 1.10 

Diluted

 

 0.89 

 

 

 1.09 



 

 

 

 

 

Basic weighted average shares outstanding

 

 18,975,450 

 

 

 20,631,471 

Diluted weighted average shares outstanding

 

 19,129,533 

 

 

 20,774,348 



(1)  Subsequent to the Bancshares Merger date, activity related to Bancshares contributed pre-tax revenues of $2.9 million and incurred pre-tax expenses of $1.2 million, resulting in $1.1 million total contribution to our net income. We incurred pre-tax non-recurring expenses totaling $1.9 million, including: $0.5 million in personnel related expenses, $0.4 million in data processing expenses, $0.5 million in legal, accounting and investment banker expenses, and $0.5 million in marketing and other expenses.



(2) The 2015 pro forma non-interest expense is adjusted to exclude $2.5 million of pre-tax non-recurring expenses incurred by Bancshares prior to the Bancshares Merger date attributed to the following: $0.7 million in employee related expenses, $0.4 million in legal expenses, and $1.4 million to discount a loan pursuant to a provision of the Bancshares Merger Agreement. 

Changes In The Carrying Amounts And Accretable Yields For ASC 310.30 Loans



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



For the year ended December 31,



2016

 

2015



 

 

 

Carrying

 

 

 

 

Carrying



Accretable

 

amount

 

Accretable

 

amount

(Dollars in thousands)

Yield

 

of loans

 

Yield

 

of loans

Balance at beginning of period

$

 807 

 

$

 7,914 

 

$

 540 

 

$

 4,971 

Acquisition

 

 -

 

 

 -

 

 

 (11)

 

 

 4,396 

Payments received

 

 -

 

 

 (2,964)

 

 

 1 

 

 

 (1,814)

Transfers to other real estate / repossessed assets

 

 -

 

 

 -

 

 

 541 

 

 

 -

Net charge-offs

 

 (11)

 

 

 (318)

 

 

 -

 

 

 (81)

Net reclassifications to / from nonaccretable amount

 

 -

 

 

 -

 

 

 240 

 

 

 -

Accretion

 

 (166)

 

 

 -

 

 

 (504)

 

 

 442 

Balance at end of period

$

 630 

 

$

 4,632 

 

$

 807 

 

$

 7,914