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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2012
Business Combinations [Abstract] |
Consideration paid and the net assets acquired in connection with the Peoples acquisition | The consideration transferred and the net assets acquired in connection with the Peoples acquisition are presented as of the acquisition date:
(Amounts in thousands, except per share data) |  |  |
Consideration |  |  |  |
Cash consideration |  | $ | 12,259 |
Common stock — 2,157,005 shares |  |  | 26,469 |
Cash in lieu of fractional shares |  |  | 2 |
Stock option consideration |  |  | 1,547 |
Fair value of consideration paid |  | $ | 40,277 |
Identifiable assets |  |  |  |
Cash and cash equivalents |  | $ | 81,834 |
Securities |  |  | 2,917 |
Loans |  |  | 166,609 |
Property, plant, and equipment |  |  | 3,434 |
Other assets |  |  | 11,354 |
Identifiable assets |  |  | 266,148 |
Identifiable liabilities |  |  |  |
Total deposits |  |  | 234,146 |
Other liabilities |  |  | 741 |
Identifiable liabilities |  |  | 234,887 |
Identifiable net assets acquired |  |  | 31,261 |
Goodwill recorded for acquisition |  | $ | 9,016 |
Acquired performing loans receivable at the acquisition date | The following table presents fair value of loans acquired from Peoples and Waccamaw at their acquisition date. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond:
|  | Peoples |  |  | Waccamaw |
(Amounts in thousands) |  | May 31, 2012 |  |  | June 8, 2012 |
Contractually required principal payments receivable |  | $ | 185,624 |  |  | $ | 328,939 |
Fair value of adjustment for credit, interest rate, and liquidity |  |  | (19,015 | ) |  |  | (76,086 | )
Fair value of loans receivable |  | $ | 166,609 |  |  | $ | 252,853 |
Summary of acquisition related information | The following table presents unaudited proforma information as if the acquisition had occurred on January 1, 2011. The information presented does not necessarily reflect the results of operation that would have occurred had the acquisition been completed at the beginning of each fiscal period, nor does it indicate future consolidated results. For the three and six months ended June 30, 2012, the Company incurred merger related expenses related to the Peoples acquisition of $2.83 million and $2.99 million, respectively.
|  | For the Six Months Ended June 30, 2012 |
(Amounts in thousands) |  | First Community |  |  | Peoples |  |  | Proforma Adjustments |  |  | Proforma Combined |
Interest income |  | $ | 46,013 |  |  | $ | 5,479 |  |  | $ | — |  |  | $ | 51,492 |
Interest expense |  |  | 9,212 |  |  |  | 1,521 |  |  |  | (122 | ) |  |  | 10,611 |
Net interest income |  |  | 36,801 |  |  |  | 3,958 |  |  |  | 122 |  |  |  | 40,881 |
Provision for loan losses |  |  | 2,542 |  |  |  | 100 |  |  |  | — |  |  |  | 2,642 |
Net interest income after provision for loan losses |  |  | 34,259 |  |  |  | 3,858 |  |  |  | 122 |  |  |  | 38,239 |
Noninterest income |  |  | 16,287 |  |  |  | 254 |  |  |  | — |  |  |  | 16,541 |
Noninterest expense (1) |  |  | 33,188 |  |  |  | 2,932 |  |  |  | 2,988 |  |  |  | 39,108 |
Income (loss) before taxes |  |  | 17,358 |  |  |  | 1,180 |  |  |  | (2,866 | ) |  |  | 15,672 |
Income tax expense (benefit) |  |  | 5,852 |  |  |  | 397 |  |  |  | (1,133 | ) |  |  | 5,116 |
Net income (loss) |  |  | 11,506 |  |  |  | 783 |  |  |  | (1,733 | ) |  |  | 10,556 |
Dividends on preferred stock |  |  | 566 |  |  |  | — |  |  |  | — |  |  |  | 566 |
Net income (loss) available to common shareholders |  | $ | 10,940 |  |  | $ | 783 |  |  | $ | (1,733 | ) |  | $ | 9,990 |
|  | For the Six Months Ended June 30, 2011 |
|  | First Community |  |  | Peoples |  |  | Proforma Adjustments |  |  | Proforma Combined |
Interest income |  | $ | 47,925 |  |  | $ | 6,337 |  |  | $ | — |  |  | $ | 54,262 |
Interest expense |  |  | 11,896 |  |  |  | 1,800 |  |  |  | (122 | ) |  |  | 13,574 |
Net interest income |  |  | 36,029 |  |  |  | 4,537 |  |  |  | 122 |  |  |  | 40,688 |
Provision for loan losses |  |  | 4,691 |  |  |  | 750 |  |  |  | — |  |  |  | 5,441 |
Net interest income after provision for loan losses |  |  | 31,338 |  |  |  | 3,787 |  |  |  | 122 |  |  |  | 35,247 |
Noninterest income |  |  | 20,862 |  |  |  | 226 |  |  |  | — |  |  |  | 21,088 |
Noninterest expense (1) |  |  | 35,801 |  |  |  | 2,489 |  |  |  | 2,988 |  |  |  | 41,278 |
Income (loss) before taxes |  |  | 16,399 |  |  |  | 1,524 |  |  |  | (2,866 | ) |  |  | 15,057 |
Income tax expense (benefit) |  |  | 4,920 |  |  |  | 513 |  |  |  | (1,133 | ) |  |  | 4,300 |
Net income (loss) |  |  | 11,479 |  |  |  | 1,011 |  |  |  | (1,733 | ) |  |  | 10,757 |
Dividends on preferred stock |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | 131 |
Net income (loss) available to common shareholders |  | $ | 11,348 |  |  | $ | 1,011 |  |  | $ | (1,733 | ) |  | $ | 10,626 |
(1) | Proforma adjustments in noninterest expense result from merger related expense.
Assets acquired and liabilities assumed | The following table presents the assets acquired and liabilities assumed as of June 8, 2012, as recorded by Waccamaw on the acquisition date and as adjusted for purchase accounting adjustments:
(Amounts in thousands) |  | Balances Acquired from FDIC |  |  | Fair Value and Purchase Adjustments |  |  | Recorded Investment |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks (1) |  | $ | 44,809 |  |  | $ | — |  |  | $ | 44,809 |
Interest-bearing deposits in banks |  |  | 40,140 |  |  |  | — |  |  |  | 40,140 |
Total cash and cash equivalents |  |  | 84,949 |  |  |  | — |  |  |  | 84,949 |
Securities available-for-sale |  |  | 59,816 |  |  |  | (194 | ) |  |  | 59,622 |
Loans held for investment, net of unearned income |  |  | 318,317 |  |  |  | (65,464 | ) |  |  | 252,853 |
FDIC receivable under loss share agreements |  |  | — |  |  |  | 52,067 |  |  |  | 52,067 |
Property, plant, and equipment, net |  |  | 4,102 |  |  |  | — |  |  |  | 4,102 |
Other real estate owned |  |  | 9,347 |  |  |  | (3,959 | ) |  |  | 5,388 |
Interest receivable |  |  | 1,363 |  |  |  | — |  |  |  | 1,363 |
Other assets |  |  | 5,264 |  |  |  | — |  |  |  | 5,264 |
Total assets |  | $ | 483,158 |  |  | $ | (17,550 | ) |  | $ | 465,608 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing |  | $ | 47,892 |  |  | $ | — |  |  | $ | 47,892 |
Interest-bearing |  |  | 366,233 |  |  |  | 912 |  |  |  | 367,145 |
Total deposits |  |  | 414,125 |  |  |  | 912 |  |  |  | 415,037 |
Securities sold under agreements to repurchase |  |  | 17,042 |  |  |  | 3,040 |  |  |  | 20,082 |
FHLB advances |  |  | 35,000 |  |  |  | 2,271 |  |  |  | 37,271 |
Other borrowings |  |  | 345 |  |  |  | — |  |  |  | 345 |
Total liabilities |  | $ | 466,512 |  |  | $ | 6,223 |  |  | $ | 472,735 |
Net assets acquired over (under) liabilities assumed |  | $ | 16,646 |  |  | $ | (23,773 | ) |  | $ | (7,127 | )
Excess of net assets acquired over liabilities assumed |  | $ | 16,646 |  |  |  |  |  |  |  |  |
Aggregate fair value and purchase adjustments |  |  |  |  |  | $ | (23,773 | ) |  |  |  |
Goodwill on acquisition |  |  |  |  |  |  |  |  |  | $ | 7,127 |
(1) | Includes $17.27 million transferred to the FDIC in connection with the acquisition.

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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=6910749&loc=d3e4845-128472 + Details
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