|
(Dollars in thousands) |
|
SE Financial |
| |
|
|
|
|
|
|
|
Net interest income |
|
$ |
6,149 |
|
|
Non-interest income |
|
326 |
| |
|
Non-interest expense and income taxes |
|
(2,780 |
) | |
|
Net income |
|
$ |
3,695 |
|
|
|
|
Pro forma |
| ||||
|
(Dollars in thousands) |
|
December 31, 2012 |
|
December 31, 2011 |
| ||
|
|
|
|
|
|
| ||
|
Net interest income |
|
$ |
142,055 |
|
$ |
153,686 |
|
|
Allowance for loan loss |
|
(28,128 |
) |
(38,981 |
) | ||
|
Non-interest income |
|
27,722 |
|
25,942 |
| ||
|
Non-interest expense and income taxes |
|
(124,871 |
) |
(125,986 |
) | ||
|
Net income |
|
$ |
16,778 |
|
$ |
14,661 |
|
|
|
|
|
|
|
| ||
|
Net earnings per share |
|
|
|
|
| ||
|
Basic |
|
$ |
0.22 |
|
$ |
0.19 |
|
|
Diluted |
|
$ |
0.22 |
|
$ |
0.19 |
|
The following table details the loans that are accounted for in accordance with FASB ASC 310-30 as of April 3, 2012:
|
(Dollars in thousands) |
|
|
| |
|
Contractually required principal and interest at acquisition |
|
$ |
9,807 |
|
|
Contractual cash flows not expected to be collected (nonaccretable difference) |
|
4,532 |
| |
|
Expected cash flows at acquisition |
|
5,275 |
| |
|
|
|
|
| |
|
Interest component of expected cash flows (accretable discount) |
|
159 |
| |
|
Fair value of acquired loans accounted for under FASB ASC 310-30 |
|
$ |
5,116 |
|
The following table details loans that are not accounted for in accordance with FASB ASC 310-30 as of April 3, 2012:
|
(Dollars in thousands) |
|
|
| |
|
Contractually required principal and interest at acquisition |
|
$ |
175,694 |
|
|
Contractual cash flows not expected to be collected (credit mark) |
|
8,941 |
| |
|
Expected cash flows at acquisition |
|
166,753 |
| |
|
|
|
|
| |
|
Interest rate premium mark |
|
3,362 |
| |
|
Fair value of acquired loans not accounted for under FASB ASC 310-30 |
|
$ |
170,115 | |
|
(Dollars in thousands) |
|
|
| |
|
Consideration paid: |
|
|
| |
|
Cash paid to SE Financial shareholders |
|
$ |
29,438 |
|
|
Change in control payments |
|
1,904 |
| |
|
Value of consideration |
|
$ |
31,342 |
|
|
Assets acquired: |
|
|
| |
|
Cash and due from banks |
|
$ |
33,807 |
|
|
Investment securities |
|
39,793 |
| |
|
FHLB stock |
|
2,471 |
| |
|
Loans |
|
175,231 |
| |
|
Premises and equipment |
|
3,729 |
| |
|
Bank owned life insurance |
|
3,813 |
| |
|
Core deposit intangible |
|
708 |
| |
|
Real estate owned |
|
1,155 |
| |
|
Accrued interest receivable |
|
837 |
| |
|
Deferred tax asset |
|
6,392 |
| |
|
Other assets |
|
28,324 |
| |
|
Total assets |
|
296,260 |
| |
|
Liabilities assumed: |
|
|
| |
|
Deposits |
|
275,293 |
| |
|
Advances by borrowers for taxes and insurance |
|
482 |
| |
|
Accrued interest payable |
|
35 |
| |
|
Other liabilities |
|
595 |
| |
|
Total liabilities |
|
276,405 |
| |
|
Net assets acquired |
|
19,855 |
| |
|
Goodwill resulting from acquisition of SE Financial |
|
$ |
11,487 |
|