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Recent Developments, Including Mergers and Acquisitions | 6 Months Ended
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Jun. 30, 2021
Recent Developments Including Mergers And Acquisitions [Abstract] |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. See Note (7) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s subordinated debt. On May 20, 2021, the Company purchased approximately $284 million in total assets, which included $195 million in loans, and assumed approximately $256 million in deposits and certain other obligations, from The First National Bank and Trust Company of Vinita, Oklahoma for a purchase price of $21.0 million. The Company recorded a bargain purchase gain related to this purchase of approximately $6.0 million, which is included in other noninterest income on the statement of comprehensive income and other operating activities on the statement of cash flow. The bargain purchase gain is a noncash item on the statement of cash flow. In addition, the Company recorded expenses related to this purchase of approximately $4.0 million, which are included in noninterest expense. As a result of the purchase, the Company recorded a core deposit intangible of approximately $1.9 million. The effect of this purchase was included in the consolidated financial statement of the Company from the date of purchase forward. The purchase did not have a material effect on the Company’s consolidated financial statements. The First National Bank and Trust Company of Vinita was a nationally chartered bank with two banking locations in Vinita and Grove, Oklahoma. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date. On January 22, 2021, the Company sold approximately $21 million in loans and approximately $38 million in deposits from its Hugo, Oklahoma branch to AmeriState Bank in Atoka, Oklahoma. The Company recorded a gain on the transaction of $2.5 million, which is included in noninterest income.

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