BRYN MAWR BANK CORP - 10-K filing on 2017-03-10

Note 2 - Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

(dollars in thousands)	Original Estimates		Adjustments to Estimates			Final Valuation
Consideration paid:
Cash paid at closing	$	500	$	—		$	500
Contingent payment liability		500		—			500
Value of consideration		1,000		—			1,000

Assets acquired:
Cash operating accounts		20		—			20
Intangible assets – trade name		129		(129	)		—
Intangible assets – customer relationships		424		—			424
Intangible assets – non-competition agreements		257		—			257
Other assets		4		—			4
Total assets		834		(129	)		705

Liabilities assumed:
Deferred tax liability		336		(45	)		291
Other liabilities		46		—			46
Total liabilities		382		(45	)		337

Net assets acquired		452		(84	)		368

Goodwill resulting from acquisition of RJM	$	548	$	84		$	632

(dollars in thousands)	Original Estimates		Adjustments to Estimates			Final Valuation
Consideration paid:
Common shares issued (3,878,304)	$	121,391	$	—		$	121,391
Cash in lieu of fractional shares		2		—			2
Cash-out of certain warrants		1,323		—			1,323
Fair value of options assumed		2,343		—			2,343
Value of consideration		125,059		—			125,059

Assets acquired:
Cash and due from banks		17,934		—			17,934
Investment securities available for sale		181,838		—			181,838
Loans*		426,601		(1,864	)		424,737
Premises and equipment		9,037		—			9,037
Deferred income taxes		6,288		1,396			7,684
Bank-owned life insurance		12,054		—			12,054
Core deposit intangible		4,191		—			4,191
Favorable lease asset		792		(68	)		724
Other assets		18,085		(111	)		17,974
Total assets		676,820		(647	)		676,173

Liabilities assumed:
Deposits		481,674		—			481,674
FHLB and other long-term borrowings		19,726		—			19,726
Short-term borrowings		108,609		—			108,609
Unfavorable lease liability		2,884		—			2,884
Other liabilities		4,706		1,867			6,573
Total liabilities		617,599		1,867			619,466

Net assets acquired		59,221		(2,514	)		56,707

Goodwill resulting from the CBH Merger	$	65,838	$	2,514		$	68,352

(dollars in thousands)
Consideration paid:
Cash paid at closing	$	5,399
Contingent payment disbursed		542
Contingent payment liability		1,083
Value of consideration		7,024

Assets acquired:
Cash operating accounts		1,274
Other investments		302
Premises and equipment		100
Intangible assets – customer relationships		3,280
Intangible assets – non-competition agreements		1,580
Intangible assets – trade name		955
Other assets		850
Total assets		8,341

Liabilities assumed:
Deferred tax liability		2,437
Other liabilities		1,818
Total liabilities		4,255

Net assets acquired		4,086

Goodwill resulting from acquisition of PCPB	$	2,938

	Twelve Months Ended
	December 31,
(dollars in thousands)	2016		2015		2014
Net interest income	$	106,236	$	100,127	$	100,609
Provision for loan and lease losses		4,326		4,396		2,041
Net interest income after provision for loan and lease losses		101,910		95,731		98,568
Non-interest income		54,039		55,960		51,836
Non-interest expense		101,745		125,765		100,011
Income before income taxes		54,204		25,926		50,393
Income tax expense		18,168		9,172		17,673
Net income	$	36,036	$	16,754	$	32,720
Per share data*:
Weighted-average basic shares outstanding		16,859,623		17,488,325		17,444,543
Dilutive shares		168,499		267,996		373,384
Adjusted weighted-average diluted shares		17,028,122		17,756,321		17,817,927
Basic earnings per common share	$	2.14	$	0.96	$	1.88
Diluted earnings per common share	$	2.12	$	0.94	$	1.84

	Twelve Months Ended December 31,
(dollars in thousands)	2016		2015		2014
Advertising	$	—	$	162	$	10
Employee benefits		—		258		23
Furniture, fixtures and equipment		—		159		9
Information technology		—		1,168		44
Professional fees		—		2,471		1,340
Salaries and wages		—		1,868		346
Other		—		584		601
Total due diligence and merger-related expenses	$	—	$	6,670	$	2,373