Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS

v2.4.1.9
ACQUISITIONS
 3 Months Ended
Mar. 31, 2015
ACQUISITIONS [Abstract]  
ACQUISITIONS

2.ACQUISITIONS

 

The Company’s merger and acquisition strategy focuses on high-growth areas with strong market demographics and targets organizations that have a comparable corporate culture, strong performance, and good asset quality, among other factors.  On January 1, 2014, the Company completed the acquisition of StellarOne, a bank holding company based in Charlottesville, Virginia, in an all-stock transaction.  StellarOne’s common shareholders received 0.9739 shares of the Company’s common stock in exchange for each share of StellarOne’s common stock, resulting in the Company issuing 22,147,874 shares of common stock at a fair value of $549.5 million.  The fair value of assets acquired equaled $2.96 billion and liabilities assumed equaled $2.64 billion. As a result of the transaction, StellarOne’s former bank subsidiary, StellarOne Bank, became a wholly owned bank subsidiary of the Company.  On May 9, 2014, StellarOne Bank was merged with and into the Bank.    Information regarding this acquisition is included in the Company’s 2014 Annual Report on Form 10-K. The Company did not complete any acquisitions of businesses in the first quarter of 2015.

 

 

 

The net effect of the amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments had the following impact on the Consolidated Statements of Income during the three months ended March 31, 2015 and 2014 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
March 31,

 

2015

 

2014

Loans

$
639 

 

$
(546)

Core deposit intangible

 
(2,222)

 

 
(2,616)

Borrowings

 
137 

 

 
75 

Time deposits

 
1,075 

 

 
2,920 

Net impact to income before taxes

$
(371)

 

$
(167)