Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.8.0.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
Purchase Price:
 
 
Fair value of shares of Union common stock issued & warrants converted
 
$
794,809

Cash paid for Xenith options
 
6,170

Total purchase price
 
$
800,979

 
 
 
Fair value of assets acquired:
 
 
Cash and cash equivalents
$
174,218

 
Securities available for sale
295,782

 
Restricted stock, at cost
27,569

 
Net loans
2,458,981

 
Premises and equipment
45,520

 
OREO
5,412

 
Core deposit intangibles
38,470

 
Other assets
203,468

 
Total assets
$
3,249,420

 
 
 
 
Fair value of liabilities assumed:
 
 
Deposits
$
2,549,683

 
Other short-term borrowings
235,000

 
Borrowings
55,542

 
Other liabilities
33,793

 
Total liabilities
$
2,874,018

 
 
 
 
Net assets acquired
 
$
375,402

Preliminary goodwill
 
$
425,577

Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans
The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):
Contractually required principal and interest payments
$
97,123

Nonaccretable difference
(16,422
)
Cash flows expected to be collected
80,701

Accretable difference
(12,225
)
Fair value of loans acquired with a deterioration of credit quality
$
68,476

Business Acquisition, Pro Forma Information
The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):
 
Pro forma for the three months ended
 
March 31,
 
2018
 
2017
 
(unaudited)
 
(unaudited)
Total revenues (1)
$
126,056

 
$
116,733

Net income
$
38,875

 
$
25,921

Earnings per share
$
0.59

 
$
0.40

(1) Includes net interest income and noninterest income.