CASCADE BANCORP - 10-K filing on 2015-03-10

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of assets and liabilities acquired

The following table provides a summary of the purchase price calculation as of the Home Acquisition Date and the identifiable assets purchased and the liabilities assumed at their estimated fair values. These fair value measurements are provisional based on third-party valuations that are currently under review and are subject to refinement for up to one year after the Home Acquisition Date based on additional information that may be obtained by us that existed as of the Home Acquisition Date.



Purchase Price (in thousands, except share data)
Cascade Bancorp common stock shares issued for Home Federal shares			24,309,131
Cascade share price as calculated in the Merger Agreement			$	4.91
Consideration from common stock conversion (1.6772 ratio)			$	119,285
Consideration paid in cash ($8.43 per share)			$	122,163
Total purchase price			241,448
ASSETS
Cash and cash equivalents	$	160,782
Investment securities	318,893
Loans	392,411
Premises and equipment	17,432
Other real estate owned	3,514
Deferred tax asset	15,514
BOLI	15,896
Other assets	13,259
Core deposit intangible	7,667
Total assets	$	945,368
LIABILITIES
Deposits	$	760,648
Other liabilities	23,354
Total liabilities	$	784,002
Net identifiable assets acquired			161,366
Goodwill			$	80,082

(1) The core deposit intangible is being amortized over a 10 year period, which is its expected useful life.

The following is a condensed balance sheet disclosing the estimated fair value amounts of the acquired branches of AWB assigned to the major consolidated asset and liability captions at the acquisition date (dollars in thousands):



Cash and cash equivalents	$	22,828
Loans, net	1,635
Premises and equipment, net	475
Core deposit intangible	529
Other assets	19
Total assets	$	25,486

Deposits	$	25,485
Other liabilities	1
Total liabilities and stockholders’ equity	$	25,486

Business acquisition, pro forma information

These unaudited pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual results of operations of the combined banking organization that would have been achieved had the Merger occurred on January 1, 2013, nor are they intended to represent or be indicative of future results of operations.



	Twelve Months Ended December 31,
	2014		2013
Net interest income	$	79,373	$	77,932
Non interest expense	89,205		110,454
Net income	11,288		27,308
Net income per diluted share	0.16		0.38