| 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Rescinded stock obligation |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.
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|
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|
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|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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 |
|
|