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Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed

A summary of the fair values of assets acquired, liabilities assumed, consideration paid for DHF, and the resulting goodwill is as follows:

(Dollars in thousands)
Assets acquired:
Loans	$	45,334
Customer relationship intangible		2,029
Premises and equipment		50
Other assets		276
		47,689
Liabilities assumed:
Customer deposits		128
Fair value of net assets acquired		47,561
Cash paid		49,482
Goodwill	$	1,921

Schedule of Loans Acquired in Business Combination

Information about the acquired DHF loan portfolio subject to purchased credit impaired (PCI) loan accounting guidance as of the acquisition date is as follows:

PCI Loans:

(Dollars in thousands)	PCI
Contractual balance at acquisition	$	5,009
Contractual cash flows not expected to be collected (nonaccretable difference)		(873	)
Expected cash flows at acquisition	$	4,136
Accretable yield		(482	)
Fair value of acquired PCI loans	$	3,654

NBI Acquisition

Business Acquisition [Line Items]

Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed

A summary of the fair values of assets acquired, liabilities assumed, consideration paid for NBI, and the resulting bargain purchase gain is as follows:

(Dollars in thousands)
Assets acquired:
Cash and cash equivalents	$	89,990
Securities		160,450
Loans		568,358
FHLB and Federal Reserve Bank stock		4,507
Premises and equipment		19,358
Other real estate owned		11,285
Intangible assets		15,091
Bank-owned life insurance		28,435
Deferred income taxes		17,237
Other assets		22,023
		936,734
Liabilities assumed:
Deposits		793,256
Customer repurchase agreements		19,927
Senior secured note		11,858
Junior subordinated debentures		24,120
Federal Home Loan Bank advances		5,003
Accrued interest and dividends payable		7,282
Other liabilities		7,988
		869,434
Fair value of net assets acquired		67,300
Cash paid to NBI common and preferred shareholders		15,277
Common stock issued by TBI (1,029,045 shares)		11,916
TBI Preferred stock Series B Issued		5,196
Senior Preferred Stock, Series T-1 and T-2 assumed		25,897
Consideration paid		58,286
Bargain Purchase Gain	$	(9,014	)

Schedule of Loans Acquired in Business Combination

Information about the acquired NBI loan portfolio subject to PCI accounting guidance as of the acquisition date is as follows:

(Dollars in thousands)	PCI
Contractual balance at acquisition	$	29,970
Contractual cash flows not expected to be collected (nonaccretable discount)		(5,141	)
Expected cash flows at acquisition		24,829
Interest component of expected cash flows (accretable discount)		(1,717	)
Fair value of acquired loans	$	23,112

Schedule of Acquired Non Purchase Credit Impaired Loans

The following presents information for non-purchase credit impaired loans acquired as part of the NBI acquisition.

					Estimated
					Contractual
					Cash Flows Not
	Contractual				Expected to be
(Dollars in thousands)	Balance		Fair Value		Collected
Commercial real estate	$	223,477	$	217,711	$	(6,567	)
Construction, land development, land		25,844		23,474		(1,585	)
1-4 family residential properties		93,868		89,822		(2,520	)
Farmland		35,502		35,634		(74	)
Commercial		170,070		164,855		(3,914	)
Factored receivables		—		—		—
Consumer		13,897		13,750		(638	)
Mortgage warehouse		—		—		—
	$	562,658	$	545,246	$	(15,298	)

Business Acquisition, Pro Forma Information

The following table presents pro forma information as if the NBI acquisition had occurred at the beginning of 2012:

	Years Ended December 31,
(Dollars in thousands)	2013			2012
Net interest income	$	60,685		$	60,831
Net income before tax		12,719			17,398
Tax (expense) benefit		(4,244	)		5,825
Net income		8,475			23,223
Effect of noncontrolling interests		(3,506	)		(3,011	)
Net income to common stockholders	$	4,969		$	20,212
Basic earnings per share	$	0.51		$	2.06
Diluted earnings per share	$	0.51		$	2.00