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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2016
ColoEast Bankshares, Inc. |
Business Acquisition [Line Items] |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
(Dollars in thousands) |  |  |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 57,671 |
Securities |  |  | 161,693 |
Loans |  |  | 460,775 |
FHLB and Federal Reserve Bank stock |  |  | 550 |
Premises and equipment |  |  | 23,940 |
Other real estate owned |  |  | 3,105 |
Intangible assets |  |  | 7,238 |
Bank-owned life insurance |  |  | 6,400 |
Deferred income taxes |  |  | 4,511 |
Other assets |  |  | 10,022 |
|  |  | 735,905 |
Liabilities assumed: |  |  |  |
Deposits |  |  | 652,952 |
Junior subordinated debentures |  |  | 7,728 |
Other liabilities |  |  | 6,784 |
|  |  | 667,464 |
Fair value of net assets acquired |  |  | 68,441 |
Cash paid |  |  | 70,000 |
TARP Preferred Stock assumed |  |  | 10,500 |
Consideration transferred |  |  | 80,500 |
Goodwill |  | $ | 12,059 |
Summary of Acquired Loans | The following table presents details on acquired loans at the acquisition date:
|  | Loans, Excluding |  |  | PCI |  |  | Total |
(Dollars in thousands) |  | PCI Loans |  |  | Loans |  |  | Loans |
Commercial real estate |  | $ | 86,569 |  |  | $ | 10,907 |  |  | $ | 97,476 |
Construction, land development, land |  |  | 58,718 |  |  |  | 2,933 |  |  |  | 61,651 |
1-4 family residential properties |  |  | 36,412 |  |  |  | 91 |  |  |  | 36,503 |
Farmland |  |  | 100,977 |  |  |  | 233 |  |  |  | 101,210 |
Commercial |  |  | 151,605 |  |  |  | 5,129 |  |  |  | 156,734 |
Factored receivables |  |  | 694 |  |  |  | — |  |  |  | 694 |
Consumer |  |  | 6,507 |  |  |  | — |  |  |  | 6,507 |
|  | $ | 441,482 |  |  | $ | 19,293 |  |  | $ | 460,775 |
Schedule of Pro Forma Information on Acquisition | The following table presents pro forma information for the three and nine months ended September 30, 2016 and 2015 as if the ColoEast acquisition had occurred at the beginning of 2015. The pro forma information includes adjustments for interest income on loans acquired, interest expense on junior subordinated debentures assumed, depreciation expense on property acquired, amortization of intangibles arising from the transaction, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been completed on the assumed date.
|  | Three Months Ended |  |  | Nine Months Ended |
(Dollars in thousands) |  | September 30, 2016 |  |  | September 30, 2015 |  |  | September 30, 2016 |  |  | September 30, 2015 |
Net interest income |  | $ | 32,792 |  |  | $ | 29,941 |  |  | $ | 94,778 |  |  | $ | 87,443 |
Noninterest income |  | $ | 6,131 |  |  | $ | 7,098 |  |  | $ | 16,463 |  |  | $ | 28,507 |
Net income |  | $ | 4,677 |  |  | $ | 6,809 |  |  | $ | 14,959 |  |  | $ | 25,740 |
Basic earnings per common share |  | $ | 0.25 |  |  | $ | 0.37 |  |  | $ | 0.80 |  |  | $ | 1.42 |
Diluted earnings per common share |  | $ | 0.24 |  |  | $ | 0.37 |  |  | $ | 0.79 |  |  | $ | 1.39 |
ColoEast Bankshares, Inc. | Non-Purchase Credit Impaired Loans |
Business Acquisition [Line Items] |
Schedule of Loans Acquired in Business Combination | The following presents information at the acquisition date for non-purchase credit impaired loans acquired in the transaction:
(Dollars in thousands) |  |  |  |
Contractually required principal and interest payments |  | $ | 530,404 |
Contractual cash flows not expected to be collected |  | $ | 21,272 |
Fair value at acquisition |  | $ | 441,482 |
ColoEast Bankshares, Inc. | Purchased Credit Impaired Loans |
Business Acquisition [Line Items] |
Schedule of Loans Acquired in Business Combination | Information about the acquired loan portfolio subject to purchase credit impaired accounting guidance as of August 1, 2016 is as follows
(Dollars in thousands) |  |  |  |
Contractually required principal and interest payments |  | $ | 25,124 |
Contractual cash flows not expected to be collected (nonaccretable difference) |  |  | 1,707 |
Expected cash flows at acquisition |  |  | 23,417 |
Interest component of expected cash flows (accretable difference) |  |  | 4,124 |
Fair value of loans acquired with deterioration of credit quality |  | $ | 19,293 |
Doral Money 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, net consideration transferred, and the resulting bargain purchase gain is as follows:
|  | Initial Values |  |  | Measurement |  |  |  |  |
|  | Recorded at |  |  | Period |  |  | Adjusted |
(Dollars in thousands) |  | Acquisition Date |  |  | Adjustments |  |  | Values |
Assets acquired: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 8,273 |  |  | $ | — |  |  | $ | 8,273 |
CLO Securities |  |  | 98,316 |  |  |  | — |  |  |  | 98,316 |
Intangible asset - CLO management contracts |  |  | 1,918 |  |  |  | — |  |  |  | 1,918 |
Loans |  |  | 36,765 |  |  |  | 900 |  |  |  | 37,665 |
Prepaid corporate income tax |  |  | 3,014 |  |  |  | 1,688 |  |  |  | 4,702 |
Other assets |  |  | 772 |  |  |  | — |  |  |  | 772 |
|  |  | 149,058 |  |  |  | 2,588 |  |  |  | 151,646 |
Liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liability |  |  | 663 |  |  |  | — |  |  |  | 663 |
Other liabilities |  |  | 22 |  |  |  | (20 | ) |  |  | 2 |
|  |  | 685 |  |  |  | (20 | ) |  |  | 665 |
Fair value of net assets acquired |  |  | 148,373 |  |  |  | 2,608 |  |  |  | 150,981 |
Net consideration transferred |  |  | 135,864 |  |  |  | — |  |  |  | 135,864 |
Bargain purchase gain |  | $ | (12,509 | ) |  | $ | (2,608 | ) |  | $ | (15,117 | )

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