| Schedule of Assets Acquired and Liabilities Assumed |
The following table represents the assets acquired and liabilities assumed of PRB as of June 16, 2015 and the fair value adjustments and amounts recorded by the Bank in 2015 under the acquisition method of accounting:
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PRB Book Value |
|
Fair Value Adjustments |
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Fair Value |
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(dollars in thousands) |
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Assets Acquired: |
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Cash and cash equivalents |
$ |
38,624 |
|
|
$ |
— |
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|
$ |
38,624 |
|
|
Securities AFS |
|
7,179 |
|
|
|
115 |
|
|
|
7,294 |
|
|
Loans, net of deferred fees |
|
80,192 |
|
|
|
(2,419 |
) |
|
|
77,773 |
|
|
Allowance for loan losses |
|
(2,034 |
) |
|
|
2,034 |
|
|
|
— |
|
|
Premises and equipment, net |
|
251 |
|
|
|
(188 |
) |
|
|
63 |
|
|
Investment in FHLB stock |
|
152 |
|
|
|
— |
|
|
|
152 |
|
|
Deferred taxes |
|
— |
|
|
|
2,258 |
|
|
|
2,258 |
|
|
REO |
|
4,374 |
|
|
|
(672 |
) |
|
|
3,702 |
|
|
Goodwill |
|
— |
|
|
|
1,300 |
|
|
|
1,300 |
|
|
Core deposit intangible |
|
— |
|
|
|
1,099 |
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|
|
1,099 |
|
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Other assets |
|
269 |
|
|
|
— |
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|
|
269 |
|
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Total assets acquired |
$ |
129,007 |
|
|
$ |
3,527 |
|
|
$ |
132,534 |
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|
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|
|
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|
|
|
|
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Liabilities Assumed: |
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|
|
|
|
|
|
|
|
|
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Deposits |
$ |
119,663 |
|
|
$ |
178 |
|
|
$ |
119,841 |
|
|
Accounts payable and other liabilities |
|
442 |
|
|
|
(98 |
) |
|
|
344 |
|
|
Total liabilities assumed |
|
120,105 |
|
|
|
80 |
|
|
|
120,185 |
|
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Excess of assets acquired over liabilities assumed |
|
8,902 |
|
|
|
3,447 |
|
|
|
12,349 |
|
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Total |
$ |
129,007 |
|
|
$ |
3,527 |
|
|
$ |
132,534 |
|
|
|
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|
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Consideration: |
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|
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|
|
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Stock issued |
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|
|
|
|
|
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$ |
11,806 |
|
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Cash paid |
|
|
|
|
|
|
|
|
|
543 |
|
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Total |
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|
|
|
|
|
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$ |
12,349 |
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| Pro Forma Summarized Income Statement Data |
The following table presents unaudited pro forma information as if the acquisition of PRB had occurred on January 1, 2015, for the nine months period ending September 30, 2015, after giving effect to certain adjustments.
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Pro Forma |
|
(dollars in thousands) |
|
|
|
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Net interest income |
|
$ |
42,386 |
|
Provision for loan losses |
|
|
1,473 |
|
Noninterest income |
|
|
19,610 |
|
Noninterest expenses |
|
|
47,050 |
|
Income before taxes |
|
|
13,473 |
|
Taxes on income |
|
|
5,728 |
|
Net income |
|
$ |
7,745 |
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
|
$ |
0.76 |
|
Diluted |
|
$ |
0.73 |
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