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General (Policies) | 6 Months Ended
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Jun. 30, 2015
Significant Accounting Policies | Significant Accounting Policies A complete and detailed description of the Company’s significant accounting policies is included in Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s 2014 Form 10-K. A discussion of the Company’s application of critical accounting estimates is included in “Critical Accounting Estimates” in Item 2 of this report.
Reclassifications and Corrections | Reclassifications and Corrections Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations, financial position, or cash flow.
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The new guidance aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. Additional disclosures are required for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The guidance also requires expanded disclosures, effective for the current reporting period of June 30, 2015, about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. As of June 30, 2015, all of the Company’s repurchase agreements were typical in nature and are accounted for as secured borrowings. The adoption of this guidance did not have a material impact on the Company’s financial statements, but did result in additional disclosures. See Note 8, “Borrowings,” to the Condensed Consolidated Financial Statements of this report.
Acquisitions and Divestitures | Acquisitions and Divestitures On December 12, 2014, the Company completed the sale of thirteen branches to CresCom Bank (“CresCom”), Charleston, South Carolina. The divestiture consisted of ten branches in the Southeastern, Coastal region of North Carolina and three branches in South Carolina, all of which were previously acquired in the FDIC-assisted acquisition of Waccamaw Bank (“Waccamaw”). At closing, CresCom assumed total deposits of $215.19 million and total loans of $70.04 million. The transaction excluded loans covered under FDIC loss share agreements. The Company recorded a net gain of $755 thousand in connection with the divestiture, which included a deposit premium received from CresCom of $6.45 million and goodwill allocation of $6.45 million. On October 24, 2014, the Company completed the acquisition of seven branches from Bank of America, National Association. At acquisition, the branches had total deposits of $318.88 million. The Company assumed the deposits for a premium of $5.79 million. No loans were included in the purchase. Additionally, the Company purchased the real estate or assumed the leases associated with the branches. The Company recorded goodwill of $1.37 million in connection with the acquisition. These fair value estimates are considered preliminary, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values may become available. The acquisition expanded the Company’s presence by six branches in Southwestern Virginia and one branch in Central North Carolina.
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. In accordance with the treasury stock method of accounting, potential common stock could be issued for stock options, nonvested restricted stock awards, performance based stock awards, and convertible preferred stock. Diluted earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period plus the number of dilutive potential common shares. The calculation of diluted earnings per common share excludes potential common shares that have an exercise price greater than the average market value of the Company’s common stock because the effect would be antidilutive. The following table presents the calculation of basic and diluted earnings per common share for the periods indicated:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
(Amounts in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 6,175 |  |  | $ | 7,007 |  |  | $ | 12,133 |  |  | $ | 12,732 |
Dividends on preferred stock |  |  | — |  |  |  | 227 |  |  |  | 105 |  |  |  | 455 |
Net income available to common shareholders |  | $ | 6,175 |  |  | $ | 6,780 |  |  | $ | 12,028 |  |  | $ | 12,277 |
Weighted average number of common shares outstanding, basic |  |  | 18,831,742 |  |  |  | 18,395,996 |  |  |  | 18,733,288 |  |  |  | 18,409,414 |
Dilutive effect of potential common shares from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 24,389 |  |  |  | 15,577 |  |  |  | 22,914 |  |  |  | 18,467 |
Restricted stock |  |  | 3,988 |  |  |  | 245 |  |  |  | 2,555 |  |  |  | 508 |
Convertible preferred stock |  |  | — |  |  |  | 1,045,419 |  |  |  | 336,651 |  |  |  | 1,046,944 |
Weighted average number of common shares outstanding, diluted |  |  | 18,860,119 |  |  |  | 19,457,237 |  |  |  | 19,095,408 |  |  |  | 19,475,333 |
Basic earnings per common share |  | $ | 0.33 |  |  | $ | 0.37 |  |  | $ | 0.64 |  |  | $ | 0.67 |
Diluted earnings per common share |  |  | 0.33 |  |  |  | 0.36 |  |  |  | 0.64 |  |  |  | 0.65 |
Antidilutive potential common shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 136,382 |  |  |  | 253,082 |  |  |  | 136,382 |  |  |  | 253,082 |
During the first quarter of 2015, the Company notified holders of its 6% Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) of its intent to redeem all of the outstanding shares. Prior to redemption, holders converted 12,784 shares of Series A Preferred Stock with each share convertible into 69 shares of the Company’s common stock. The Company redeemed the remaining 2,367 shares for $2.37 million along with accrued and unpaid dividends of $9 thousand. As a result of the redemption, there were no shares of Series A Preferred Stock outstanding as of June 30, 2015, compared to 15,151 shares as of December 31, 2014 and June 30, 2014.

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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790 + Details
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