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Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Summary of Purchase Price Allocation Reported, Retrospective Adjustments and Purchase Price Allocation as Remeasured | The consideration paid, assets acquired and liabilities assumed are summarized in the following table:
| As Remeasured (1)
| (In thousands)
Consideration paid: |
CBI stockholders | $ | 50,000 |
Redemption of preferred and cumulative unpaid dividends | 28,675 |
Accrued interest on subordinated debentures | — |
| 78,675 |
Assets acquired: |
Cash and cash equivalents | 197,209 |
Securities available for sale | 663,497 |
Loans | 297,272 |
Premises and equipment | 17,925 |
Other real estate owned | 25,952 |
Income tax assets, net | 12,011 |
Core deposit intangible | 2,213 |
FDIC loss sharing assets | 11,413 |
Bank-owned life insurance | 18,296 |
Servicing assets | 7,497 |
Other assets | 14,636 |
Total assets acquired | 1,267,921 |
Liabilities assumed: |
Deposits | 1,098,997 |
Subordinated debentures | 18,473 |
Rescinded stock obligation | 15,485 |
FHLB advances | 10,000 |
Servicing liabilities | 6,039 |
Other liabilities | 25,675 |
Total liabilities assumed | 1,174,669 |
Total identifiable net assets | $ | 93,252 |
Bargain purchase gain, net of deferred taxes | $ | (14,577 | )
(1) | There were no measurement period adjustments recorded during the year ended December 31, 2015. All adjustments were recorded in the year ended December 31, 2014.
Summary of Accretable Yield on PCI Loans Acquired | The following table summarizes the accretable yield on the PCI loans acquired from the CBI merger at August 31, 2014.
| (In thousands)
Undiscounted contractual cash flows | $ | 93,623 |
Nonaccretable discount | (17,421 | )
Undiscounted cash flow to be collected | 76,202 |
Estimated fair value of PCI loans | 65,346 |
Accretable yield | $ | 10,856 |
As of December 31, 2016, we had no PCI loans on nonaccrual status and included in the delinquency table below.
As of December 31, 2016 | Pooled PCI Loans |  | Non-pooled PCI Loans |  |
| #Loans |  | #Pools |  | Carrying Amount (In thousands) |  | % of total |  | #Loans |  | Carrying Amount (In thousands) |  | % of total |  | Total PCI Loans (In thousands)
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property | 45 |  |  | 6 |  |  | $ | 7,780 |  |  | 89 | % |  | 1 |  |  | $ | 921 |  |  | 11 | % |  | $ | 8,701 |
Construction | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | % |  | — |
Residential property | — |  |  | — |  |  | — |  |  | — | % |  | 2 |  |  | 976 |  |  | 100 | % |  | 976 |
Total real estate loans | 45 |  |  | 6 |  |  | 7,780 |  |  | 80 | % |  | 3 |  |  | 1,897 |  |  | 20 | % |  | 9,677 |
Commercial and industrial loans | 6 |  |  | 3 |  |  | 136 |  |  | 100 | % |  | — |  |  | — |  |  | — | % |  | 136 |
Consumer loans | 1 |  |  | 1 |  |  | 50 |  |  | 100 | % |  | — |  |  | — |  |  | — | % |  | 50 |
Total acquired loans | 52 |  |  | 10 |  |  | $ | 7,966 |  |  | 81 | % |  | 3 |  |  | $ | 1,897 |  |  | 19 | % |  | $ | 9,863 |
Allowance for loan losses |  |  |  |  | $ | (617 | ) |  |  |  |  |  | $ | (354 | ) |  |  |  | $ | (971 | )
Total carrying amount |  |  |  |  | $ | 7,349 |  |  |  |  |  |  | $ | 1,543 |  |  |  |  | $ | 8,892 |
As of December 31, 2015 | Pooled PCI Loans |  | Non-pooled PCI Loans |  |
| #Loans |  | #Pools |  | Carrying Amount (In thousands) |  | % of total |  | #Loans |  | Carrying Amount (In thousands) |  | % of total |  | Total PCI Loans (In thousands)
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial property | 71 |  |  | 9 |  |  | $ | 17,644 |  |  | 95 | % |  | 2 |  |  | $ | 995 |  |  | 5 | % |  | $ | 18,639 |
Construction | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | % |  | — |
Residential property | 2 |  |  | 2 |  |  | 119 |  |  | 10 | % |  | 2 |  |  | 1,038 |  |  | 90 | % |  | 1,157 |
Total real estate loans | 73 |  |  | 11 |  |  | 17,763 |  |  | 90 | % |  | 4 |  |  | 2,033 |  |  | 10 | % |  | 19,796 |
Commercial and industrial loans | 11 |  |  | 3 |  |  | 171 |  |  | 100 | % |  | — |  |  | — |  |  | — | % |  | 171 |
Consumer loans | 1 |  |  | 1 |  |  | 47 |  |  | 100 | % |  | — |  |  | — |  |  | — | % |  | 47 |
Total acquired loans | 85 |  |  | 15 |  |  | $ | 17,981 |  |  | 90 | % |  | 4 |  |  | $ | 2,033 |  |  | 10 | % |  | $ | 20,014 |
Allowance for loan losses |  |  |  |  | $ | (5,136 | ) |  |  |  |  |  | $ | (305 | ) |  |  |  | $ | (5,441 | )
Total carrying amount |  |  |  |  | $ | 12,845 |  |  |  |  |  |  | $ | 1,728 |  |  |  |  | $ | 14,573 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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