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Subsequent Events (Notes) | 12 Months Ended
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Dec. 31, 2013
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS On January 1, 2014, FCB completed its merger with 1st Financial Services Corporation (1st Financial) of Hendersonville, NC and its wholly-owned subsidiary, Mountain 1st Bank & Trust Company (Mountain 1st). The merger allows FCB to expand its presence in Western North Carolina. Mountain 1st had 12 branches located in Asheville, Brevard, Columbus, Etowah, Fletcher, Forest City, Hendersonville, Hickory, Marion, Shelby and Waynesville. Following the merger, FCB applied for permission to close seven Mountain 1st branches due to their proximity to existing FCB branches. Once regulatory approvals have been received, customers have been notified and waiting periods have expired, Mountain 1st branches in Asheville, Brevard, Fletcher, Forest City, Hendersonville, Hickory and Marion will be closed, and customer relationships assigned to those branches will be transferred to the nearest FCB branch. First Citizens paid $10.0 million to acquire 1st Financial, including payments of $8.0 million to the U.S. Treasury to satisfy 1st Financial's Troubled Asset Relief Program (TARP) obligation and $2.0 million paid to the shareholders of 1st Financial. The 1st Financial merger was accounted for under the acquisition method of accounting. The purchased assets, assumed liabilities and identifiable intangible assets were recorded at their acquisition date estimated fair values. Fair values are subject to refinement for up to one year after the closing date of the transaction as additional information regarding closing date fair values becomes available. The following table provides the carrying value of acquired assets and assumed liabilities, as recorded by 1st Financial, the fair value adjustments calculated at the time of the acquisition, and the resulting fair value recorded by FCB.
| January 1, 2014
| As recorded by 1st Financial |  | Fair value adjustments |  | As recorded by FCB
| (dollars in thousands)
Assets |  |  |  |  |
Cash and cash equivalents | $ | 28,194 |  |  | $ | — |  |  | $ | 28,194 |
Investment securities available for sale | 246,890 |  |  | (9,452 | ) |  | 237,438 |
Loans held for sale | 1,183 |  |  | — |  |  | 1,183 |
Restricted equity securities | 3,105 |  |  | 671 |  |  | 3,776 |
Loans | 338,170 |  |  | (21,843 | ) |  | 316,327 |
Less: allowance for loan losses | (7,796 | ) |  | 7,796 |  |  | — |
Premises and equipment | 3,871 |  |  | (1,185 | ) |  | 2,686 |
Other real estate owned | 12,896 |  |  | (1,305 | ) |  | 11,591 |
Intangible asset | — |  |  | 3,780 |  |  | 3,780 |
Other assets | 16,811 |  |  | (465 | ) |  | 16,346 |
Total assets acquired | $ | 643,324 |  |  | $ | (22,003 | ) |  | $ | 621,321 |
Liabilities |  |  |  |  |
Deposits: |  |  |  |  |
Noninterest-bearing | $ | 152,444 |  |  | $ | — |  |  | $ | 152,444 |
Interest-bearing | 477,881 |  |  | 1,546 |  |  | 479,427 |
Total deposits | 630,325 |  |  | 1,546 |  |  | 631,871 |
Federal Funds purchased | 406 |  |  | — |  |  | 406 |
Other liabilities | 3,392 |  |  | 167 |  |  | 3,559 |
Total liabilities assumed | 634,123 |  |  | 1,713 |  |  | 635,836 |
Net assets acquired | $ | 9,201 |  |  | $ | (23,716 | ) |  | (14,515 | )
Cash paid to shareholders |  |  |  |  | (2,000 | )
Cash paid to acquire TARP securities |  |  |  |  | (8,000 | )
Goodwill recorded for 1st Financial |  |  |  |  | $ | (24,515 | )
Goodwill recorded for 1st Financial represents future revenues to be derived, including efficiencies that will result from combining operations, and other non-identifiable intangible assets. The 1st Financial transaction is a taxable asset acquisition, and goodwill resulting from the transaction is deductible for income tax purposes. Merger costs related to the 1st Financial transaction are estimated to be between $6.0 million and $7.0 million. All loans resulting from the 1st Financial transaction were considered to have deteriorated credit quality at the acquisition date, and are therefore accounted for under ASC 310-30. For loans acquired from 1st Financial, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the acquisition date were:
| January 1, 2014
| (dollars in thousands)
Contractually required payments | $ | 413,937 |
Cash flows expected to be collected | 400,326 |
Fair value at acquisition date | 316,327 |
The recorded fair values of loans acquired in the 1st Financial transaction as of the acquisition date were as follows:
| January 1, 2014
| (dollars in thousands)
Commercial: |
Construction and land development | $ | 41,516 |
Commercial mortgage | 123,925 |
Other commercial real estate | 6,698 |
Commercial and industrial | 29,126 |
Total commercial loans | 201,265 |
Noncommercial: |
Residential mortgage | 113,177 |
Consumer | 1,885 |
Total noncommercial loans | 115,062 |
Total loans acquired from 1st Financial | $ | 316,327 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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