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Business Combinations and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2017
ColoEast Bankshares, Inc.  
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 transferred, and the resulting goodwill is as follows:

 

Initial Values

 

 

Measurement

 

 

 

 

 

 

 

Recorded at

 

 

Period

 

 

Adjusted

 

(Dollars in thousands)

 

Acquisition Date

 

 

Adjustments

 

 

Values

 

Assets acquired:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,671

 

 

$

—

 

 

$

57,671

 

Securities

 

 

161,693

 

 

 

—

 

 

 

161,693

 

Loans

 

 

460,775

 

 

 

—

 

 

 

460,775

 

FHLB and Federal Reserve Bank stock

 

 

550

 

 

 

—

 

 

 

550

 

Premises and equipment

 

 

23,940

 

 

 

—

 

 

 

23,940

 

Other real estate owned

 

 

3,105

 

 

 

(143

)

 

 

2,962

 

Intangible assets

 

 

7,238

 

 

 

—

 

 

 

7,238

 

Bank-owned life insurance

 

 

6,400

 

 

 

—

 

 

 

6,400

 

Deferred income taxes

 

 

4,511

 

 

 

(70

)

 

 

4,441

 

Other assets

 

 

10,022

 

 

 

—

 

 

 

10,022

 

 

 

 

735,905

 

 

 

(213

)

 

 

735,692

 

Liabilities assumed:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

652,952

 

 

 

—

 

 

 

652,952

 

Junior subordinated debentures

 

 

7,728

 

 

 

—

 

 

 

7,728

 

Other liabilities

 

 

6,784

 

 

 

—

 

 

 

6,784

 

 

 

 

667,464

 

 

 

—

 

 

 

667,464

 

Fair value of net assets acquired

 

 

68,441

 

 

 

(213

)

 

 

68,228

 

Cash paid

 

 

70,000

 

 

 

—

 

 

 

70,000

 

TARP Preferred Stock assumed

 

 

10,500

 

 

 

—

 

 

 

10,500

 

Consideration transferred

 

 

80,500

 

 

 

—

 

 

 

80,500

 

Goodwill

 

$

12,059

 

 

$

213

 

 

$

12,272

 

 
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

 

 
Triumph Capital Advisors, LLC  
Business Acquisition [Line Items]  
Summary of Consideration Received and Gain on Sale

A summary of the consideration received and the gain on sale is as follows

(Dollars in thousands)

 

 

 

 

Consideration received (fair value):

 

 

 

 

Cash

 

$

10,554

 

Loan receivable

 

 

10,500

 

Revenue share

 

 

1,623

 

Total consideration received

 

 

22,677

 

Carrying value of TCA membership interest

 

 

1,417

 

Gain on sale of subsidiary

 

 

21,260

 

Transaction costs

 

 

400

 

Gain on sale of subsidiary, net of transaction costs

 

$

20,860