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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2013
Business Combinations [Abstract]  
Schedule of Business Acquisition
The purchase price of both acquisitions has been allocated as follows (in thousands):
 
 
 
(preliminary)
 
 
 
Virginia Savings
 
Community
 
Total
Date of acquisition
May 31, 2012
 
January 10, 2013
 
 
 
 
 
 
 
 
Consideration:
 
 
 
 
 
   Cash
$
4,672

 
$
12,738

 
$
17,410

   Common stock
7,723

 
27,783

 
35,506

   Warrant issued
—

 
725

 
725

 
$
12,395

 
$
41,246

 
$
53,641

 
 
 
 
 
 
Identifiable assets:
 
 
 
 
 
   Cash and cash equivalents
$
24,943

 
$
8,888

 
$
33,831

   Investment securities
14,082

 
17,659

 
31,741

   Loans
73,463

 
370,754

 
444,217

   Bank owned life insurance
—

 
6,935

 
6,935

   Premises and equipment
5,158

 
8,950

 
14,108

   Deferred tax asset, net
4,173

 
15,228

 
19,401

   Other assets
4,626

 
7,989

 
12,615

     Total identifiable assets
126,445

 
436,403

 
562,848

 
 
 
 
 
 
Identifiable liabilities:
 
 
 
 
 
   Deposits
122,723

 
383,070

 
505,793

   Other liabilities
841

 
22,048

 
22,889

     Total identifiable liabilities
123,564

 
405,118

 
528,682

 
 
 
 
 
 
Net identifiable asset
2,881

 
31,285

 
34,166

Goodwill
8,241

 
7,250

 
15,491

Core deposit intangible
1,273

 
2,711

 
3,984

 
$
12,395

 
$
41,246

 
$
53,641
Acquired Loans At Acquisition
The following table presents the purchased credit-impaired loans acquired in conjunction with both acquisitions (in thousands):
 
Virginia
 
 
 
 
 
Savings
 
Community
 
Total
Contractually required principal and interest
$
11,567

 
$
58,014

 
$
69,581

Contractual cash flows not expected to be collected (non-accretable difference)
(3,973
)
 
(20,724
)
 
(24,697
)
Expected cash flows
7,594

 
37,290

 
44,884

Interest component of expected cash flows (accretable difference)
(954
)
 
(5,587
)
 
(6,541
)
Estimated fair value of purchased credit impaired loans acquired
$
6,640

 
$
31,703

 
$
38,343

 
 

 
 
 
 
A reconciliation of the contractual required principal and interest balance to the basis of purchased credit-impaired loans as of June 30, 2013 is as follows (in thousands):

 
Virginia
 
 
 
 
 
Savings
 
Community
 
Total
Contractual required principal and interest
$
7,330

 
$
47,850

 
$
55,180

Nonaccretable difference
(497
)
 
(15,526
)
 
(16,023
)
Expected cash flows
6,833

 
32,324

 
39,157

Accretable yield
(1,412
)
 
(4,479
)
 
(5,891
)
Basis in acquired loans
$
5,421

 
$
27,845

 
$
33,266
Schedule Of Intangible Assets
The following table presents a rollforward of the Company’s intangible assets from the beginning of the year (in thousands):

 
Intangible Assets
Balance, beginning of period
$
2,069

Core deposit intangible acquired in conjunction with the acquisition of Community
2,711

Amortization expense
(519
)
Balance, end of period
$
4,261
Schedule Of Goodwill
 The following table presents a rollforward of goodwill from the beginning of the year (in thousands):

 
Goodwill
Balance, beginning of period
$
62,988

Adjustment to goodwill acquired in conjunction with the acquisition of Virginia Savings
143

Goodwill acquired in conjunction with the acquisition of Community
7,250

Balance, end of period
$
70,381