Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed

Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows:


ASSETS			LIABILITIES
Cash and due from banks	$	205,054	Deposits
Investment securities, held to maturity		2,038	Non-interest bearing	$	28,251
			NOW accounts		65,771
Commercial		67,435	Savings and money market		125,176
Residential mortgage		137,331	Certificates of deposits		131,889

Consumer		19,593	Total deposits		351,087

Total loans		224,359
			Borrowings		48,884
Premises and equipment, net		5,524	Interest payable		21
FRB and FHLB stock		2,743	Other liabilities		6,938
Goodwill		21,424
Core deposit intangible		4,394
Interest receivable		1,279
Cash value of life insurance		13,898
Other assets		4,364

Total assets purchased	$	485,077	Total liabilities assumed	$	406,930

Common shares issued	$	55,506
Cash paid		22,641

Total estimated purchase price	$	78,147

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015.


Contractually required principal and interest at acquisition	$	5,730
Contractual cash flows not expected to be collected (nonaccretable differences)		715

Expected cash flows at acquisition		5,015
Interest component of expected cash flows (accretable discount)		647

Fair value of acquired loans accounted for under ASC 310-30	$	4,368

Pro Forma Result of Comparable Prior Reporting Period

The following schedule includes pro forma results for the periods ended September 30, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period.


(in thousands except per share data)	December 31,		Nine Months Ended September 30,
	2014		2015		2014
Summary of Operations:
Net Interest Income	$	75,442	$	60,466	$	55,850
Provision for Loan Losses		3,443		2,880		2,420
Net Interest Income after Provision for Loan Losses		71,999		57,586		53,430
Non-interest Income		29,928		24,545		22,458
Non-Interest Expense		74,010		61,192		55,489
Income before Income Taxes		27,917		20,939		20,399
Income Tax Expense		6,561		5,164		4,846
Net Income		21,356		15,776		15,553
Net Income Available to Common Shareholders	$	21,223	$	15,682	$	15,562

Per Share Data
Net Income	$	1.82	$	1.33	$	1.32

Summit [Member]

Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed

the final purchase price for the Summit acquisition is allocated as follows:


ASSETS			LIABILITIES
Cash and due from banks	$	15,161	Deposits
			Non-interest bearing	$	27,274
Commercial		70,441	NOW accounts		16,332
Residential mortgage		43,448	Savings and money market		35,045
Consumer		10,192	Certificates of deposits		42,368

Total loans		124,081	Total deposits		121,019
Premises and equipment, net		2,548	Borrowings		16,990
FRB and FHLB stock		2,136	Interest payable		52
Goodwill		8,428	Other liabilities		599
Core deposit intangible		822
Interest receivable		347
Cash value of life insurance		2,185
Other assets		2,877

Total assets purchased	$	158,585	Total liabilities assumed	$	138,660

Common shares issued	$	12,689
Cash paid		6,207
Retirement of Holding Company Debt		1,029

Total estimated purchase price	$	19,925

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of April 3, 2014.


Contractually required principal and interest at acquisition	$	14,460
Contractual cash flows not expected to be collected (nonaccretable differences)		3,146

Expected cash flows at acquisition		11,314
Interest component of expected cash flows (accretable discount)		1,688

Fair value of acquired loans accounted for under ASC 310-30	$	9,626