Capital One 2006 Annual Report Download - page 95
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77
A reconciliation of the excess consideration paid by the Company over North Forks net assets acquired (goodwill) is as
follows:
Costs to acquire North Fork:
Capital One common stock issued $ 7,924,850
Cash consideration paid 5,200,500
Fair value of employee stock options 83,633
Investment banking, legal, and consulting fees 31,547
Total consideration paid for North Fork 13,240,530
North Forks net assets at fair value:
North Forks stockholders equity at December 1, 2006 9,301,126
Elimination of North Forks intangibles (including goodwill) (6,000,921)
Adjustments to reflect assets acquired at fair value:
Securities available for sale 782
Net loans (269,123)
Property, plant and equipment 120,209
Other assets 75,003
Adjustments to reflect liabilities assumed at fair value:
Interest-bearing deposits (45,268)
Borrowings (9,738)
Other liabilities (275,167)
Less: Adjusted identifiable net assets acquired 2,896,903
Core deposit intangibles:
Adjustment to recognize core deposit intangibles 940,000
Adjustment to recognize deferred tax liability from core deposit intangibles (329,000)
Less: Core deposit intangibles and related deferred tax liability from core deposit intangibles 611,000
Total goodwill $ 9,732,627
The following condensed balance sheet of North Fork 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.
As of December 1, 2006
Assets
Cash and cash equivalents $ 1,620,117
Securities available for sale 4,850,590
Mortgage loans held for sale 9,369,124
Net loans held for investment 31,625,409
Goodwill 9,732,627
Other intangibles 950,702
Premises and equipment, net 597,040
Other assets 1,091,971
Total assets $ 59,837,580
Liabilities
Non interest bearing deposits $ 7,494,747
Interest bearing deposits 30,147,769
Senior and subordinated notes 1,019,552
Other borrowings 6,719,714
Accrued interest payable 113,971
Other liabilities 1,101,297
Total liabilities 46,597,050
Net assets acquired $ 13,240,530