Capital One 2005 Annual Report Download - page 81
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A reconciliation of the excess consideration paid by the Company over Hibernia’ s net assets acquired (“goodwill”) is as
llows: fo
Costs to acquire Hibernia:
Capital One common stock issued $ 2,606,375
Cash consideration paid 2,231,039
Fair value of employee stock options 104,577
Investment banking, legal, and consulting fees 29,596
Total consideration paid for Hibernia 4,971,587
Hibernia’s net assets at fair value:
Hibernia’ s stockholders’ equity at November 16, 2005 1,995,913
Elimination of Hibernia’ s intangibles (including goodwill) (359,951)
Adjustments to reflect assets acquired at fair value:
Net loans (174,917)
Property, plant and equipment 69,266
Other identified intangibles 20,709
Deferred tax asset (not including CDI related deferred tax liability) 58,698
Adjustments to reflect liabilities assumed at fair value:
Interest-bearing deposits 1,358
Borrowings (7,445)
Personnel related liabilities (43,252)
Other liabilities assumed (24,126)
Less: Adjusted identifiable net assets acquired (1,536,253)
Core deposit intangibles:
Adjustment to recognize core deposit intangibles (380,000)
Adjustment to recognize deferred tax liability from core deposit intangibles 133,000
Less: Core deposit intangibles and related deferred tax liability (247,000)
Total preliminary goodwill $ 3,188,334
The following condensed balance sheet of Hibernia discloses the amount assigned to each major asset and liability caption at
the acquisition date. The allocation of the final purchase price is still subject to refinement as the integration process
continues and additional information becomes available.
Assets
Cash and cash equivalents $ 3,165,154
Securities available for sale 4,439,736
Net loans 15,924,520
Goodwill 3,188,334
Core deposit intangibles 380,000
Other assets 884,127
Total assets $ 27,981,871
Liabilities
Deposits $ 20,006,757
Senior and subordinated notes 97,463
Other borrowings 2,417,621
Other liabilities 488,443
Total liabilities 23,010,284
Net assets acquired $ 4,971,587
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