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Business Combinations (Tables) | 9 Months Ended
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Sep. 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 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 |  |  | 166,471 |
Property, plant, and equipment |  |  | 3,432 |
Other assets |  |  | 11,407 |
Identifiable assets |  |  | 266,061 |
Identifiable liabilities |  |  |  |
Total deposits |  |  | 234,146 |
Other liabilities |  |  | 741 |
Identifiable liabilities |  |  | 234,887 |
Identifiable net assets acquired |  |  | 31,174 |
Goodwill recorded for acquisition |  | $ | 9,103 |
Carrying amount of acquired loans | The following table presents the carrying amount of acquired loans at May 31, 2012, which consist of loans with no credit deterioration, or performing loans, and loans with credit deterioration, or impaired loans.
|  | May 31, 2012 |
(Amounts in thousands) |  | Purchased Performing |  |  | Purchased Impaired |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 9,641 |  |  | $ | 9,426 |  |  | $ | 19,067 |
Commercial and industrial |  |  | 17,583 |  |  |  | 2,418 |  |  |  | 20,001 |
Multi-family residential |  |  | 2,111 |  |  |  | 3,152 |  |  |  | 5,263 |
Non-farm, non-residential |  |  | 75,399 |  |  |  | 12,193 |  |  |  | 87,592 |
Total commercial loans |  |  | 104,734 |  |  |  | 27,189 |  |  |  | 131,923 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 7,637 |  |  |  | 336 |  |  |  | 7,973 |
Single family owner occupied |  |  | 18,767 |  |  |  | 5,078 |  |  |  | 23,845 |
Total consumer real estate loans |  |  | 26,404 |  |  |  | 5,414 |  |  |  | 31,818 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 2,730 |  |  |  | — |  |  |  | 2,730 |
Loans held for investment, net of unearned income |  | $ | 133,868 |  |  | $ | 32,603 |  |  | $ | 166,471 |
The following table presents the carrying amount of acquired loans at June 8, 2012, which consist of loans with no credit deterioration, or performing loans, and loans with credit deterioration, or impaired loans.
|  | June 8, 2012 |
(Amounts in thousands) |  | Purchased Performing |  |  | Purchased Impaired |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 19,690 |  |  | $ | 6,524 |  |  | $ | 26,214 |
Commercial and industrial |  |  | 9,027 |  |  |  | 1,817 |  |  |  | 10,844 |
Multi-family residential |  |  | 2,462 |  |  |  | 926 |  |  |  | 3,388 |
Non-farm, non-residential |  |  | 45,737 |  |  |  | 23,372 |  |  |  | 69,109 |
Agricultural |  |  | 321 |  |  |  | 2 |  |  |  | 323 |
Farmland |  |  | 1,522 |  |  |  | 1,045 |  |  |  | 2,567 |
Total commercial loans |  |  | 78,759 |  |  |  | 33,686 |  |  |  | 112,445 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 21,439 |  |  |  | 68,081 |  |  |  | 89,520 |
Single family owner occupied |  |  | 25,509 |  |  |  | 12,696 |  |  |  | 38,205 |
Total consumer real estate loans |  |  | 46,948 |  |  |  | 80,777 |  |  |  | 127,725 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 9,540 |  |  |  | 921 |  |  |  | 10,461 |
Loans held for investment, net of unearned income |  | $ | 135,247 |  |  | $ | 115,384 |  |  | $ | 250,631 |
Acquired performing loans receivable at the acquisition date | The following table presents the acquired performing loans receivable at the acquisition date. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond:
(Amounts in thousands) |  | May 31, 2012 |
Contractually required principal payments receivable |  | $ | 139,275 |
Fair value of adjustment for credit, interest rate, and liquidity |  |  | (5,407 | )
Fair value of performing loans receivable |  | $ | 133,868 |
The following table presents the acquired performing loans receivable at the acquisition date. The amounts include principal only and do not reflect accrued interest as of the date of the acquisition or beyond:
(Amounts in thousands) |  | June 8, 2012 |
Contractually required principal payments receivable |  | $ | 151,852 |
Fair value of adjustment for credit, interest rate, and liquidity |  |  | (16,605 | )
Fair value of performing loans receivable |  | $ | 135,247 |
Impaired loans receivable at acquisition | The following table presents the acquired impaired loans receivable at acquisition. The Company has not noted any further deterioration in the acquired impaired loan portfolio.
(Amounts in thousands) |  | May 31, 2012 |
Contractually required payments receivable |  | $ | 48,826 |
Nonaccretable difference |  |  | (12,823 | )
Cash flows expected to be collected |  |  | 36,003 |
Accretable difference |  |  | (3,400 | )
Fair value of acquired impaired loans |  | $ | 32,603 |
The following table presents the acquired impaired loans receivable at acquisition. The Company has not noted any further deterioration in the acquired impaired loan portfolio.
(Amounts in thousands) |  | June 8, 2012 |
Contractually required payments receivable |  | $ | 211,042 |
Nonaccretable difference |  |  | (69,177 | )
Cash flows expected to be collected |  |  | 141,865 |
Accretable difference |  |  | (26,481 | )
Fair value of acquired impaired loans |  | $ | 115,384 |
Summary of acquisition related information | The following table presents unaudited proforma information as if the acquisition had occurred on January 1, 2011.
|  | For the Nine Months Ended September 30, 2012 |
(Amounts in thousands) |  | First Community |  |  | Peoples |  |  | Proforma Adjustments |  |  | Proforma Combined |
Interest income |  | $ | 74,343 |  |  | $ | 8,191 |  |  | $ | 1,663 |  |  | $ | 84,197 |
Interest expense |  |  | 14,192 |  |  |  | 1,867 |  |  |  | (371 | ) |  |  | 15,688 |
Net interest income |  |  | 60,151 |  |  |  | 6,324 |  |  |  | 2,034 |  |  |  | 68,509 |
Provision for loan losses |  |  | 4,458 |  |  |  | 100 |  |  |  | — |  |  |  | 4,558 |
Net interest income after provision for loan losses |  |  | 55,693 |  |  |  | 6,224 |  |  |  | 2,034 |  |  |  | 63,951 |
Noninterest income |  |  | 27,459 |  |  |  | 383 |  |  |  | — |  |  |  | 27,842 |
Noninterest expense (1) |  |  | 55,625 |  |  |  | 3,946 |  |  |  | 0 |  |  |  | 59,571 |
Income (loss) before taxes |  |  | 27,527 |  |  |  | 2,661 |  |  |  | 2,034 |  |  |  | 32,222 |
Income tax expense (benefit) |  |  | 9,868 |  |  |  | — |  |  |  | 303 |  |  |  | 10,171 |
Net income (loss) |  |  | 17,659 |  |  |  | 2,661 |  |  |  | 1,731 |  |  |  | 22,051 |
Dividends on preferred stock |  |  | 786 |  |  |  | — |  |  |  | — |  |  |  | 786 |
Net income (loss) available to common shareholders |  | $ | 16,873 |  |  | $ | 2,661 |  |  | $ | 1,731 |  |  | $ | 21,265 |
|  | For the Nine Months Ended September 30, 2011 |
|  | First Community |  |  | Peoples |  |  | Proforma Adjustments |  |  | Proforma Combined |
Interest income |  | $ | 70,975 |  |  | $ | 9,506 |  |  | $ | 1,663 |  |  | $ | 82,144 |
Interest expense |  |  | 17,212 |  |  |  | 2,700 |  |  |  | (371 | ) |  |  | 19,541 |
Net interest income |  |  | 53,763 |  |  |  | 6,806 |  |  |  | 2,034 |  |  |  | 62,603 |
Provision for loan losses |  |  | 6,611 |  |  |  | 1,125 |  |  |  | — |  |  |  | 7,736 |
Net interest income after provision for loan losses |  |  | 47,152 |  |  |  | 5,681 |  |  |  | 2,034 |  |  |  | 54,867 |
Noninterest income |  |  | 28,928 |  |  |  | 339 |  |  |  | — |  |  |  | 29,267 |
Noninterest expense (1) |  |  | 51,861 |  |  |  | 3,733 |  |  |  | 0 |  |  |  | 55,594 |
Income (loss) before taxes |  |  | 24,219 |  |  |  | 2,287 |  |  |  | 2,034 |  |  |  | 28,540 |
Income tax expense (benefit) |  |  | 7,422 |  |  |  | 770 |  |  |  | 303 |  |  |  | 8,495 |
Net income (loss) |  |  | 16,797 |  |  |  | 1,517 |  |  |  | 1,731 |  |  |  | 20,045 |
Dividends on preferred stock |  |  | 417 |  |  |  | — |  |  |  | — |  |  |  | 417 |
Net income (loss) available to common shareholders |  | $ | 16,380 |  |  | $ | 1,517 |  |  | $ | 1,731 |  |  | $ | 19,628 |
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 |  |  |  | — |  |  |  | 59,816 |
Loans held for investment, net of unearned income |  |  | 318,317 |  |  |  | (67,686 | ) |  |  | 250,631 |
FDIC receivable under loss share agreements |  |  | — |  |  |  | 49,755 |  |  |  | 49,755 |
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 |  |  |  | (194 | ) |  |  | 5,070 |
Total assets |  | $ | 483,158 |  |  | $ | (22,084 | ) |  | $ | 461,074 |
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 |  |  | $ | (28,307 | ) |  | $ | (11,661 | )
Excess of net assets acquired over liabilities assumed |  | $ | 16,646 |  |  |  |  |  |  |  |  |
Aggregate fair value and purchase adjustments |  |  |  |  |  | $ | (28,307 | ) |  |  |  |
Goodwill on acquisition |  |  |  |  |  |  |  |  |  | $ | 11,661 |
(1) | Includes $17.27 million transferred to the FDIC in connection with the acquisition.

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