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Note 2 - Sales/Mergers/Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
Guaranty Bank and Trust Company [Member] |
Notes Tables |
Fair values of the assets acquired and liabilities assumed |
|  | As of
|  | October 1, 2017
|  | (dollars in thousands)
ASSETS |  |  |
Cash and due from banks |  | $ | 4,435
Interest-bearing deposits at financial institutions |  |  | 3,954
Securities |  |  | 49,703
Loans/leases receivable, net |  |  | 192,518
Premises and equipment |  |  | 4,808
Restricted investment securities |  |  | 477
Core deposit intangible |  |  | 2,698
Other assets |  |  | 998
Total assets acquired |  | $ | 259,591
LIABILITIES |  |  |
Deposits |  | $ | 212,468
Short-term borrowings |  |  | 13,102
FHLB advances |  |  | 4,108
Junior subordinated debentures |  |  | 3,857
Other liabilities |  |  | 2,596
Total liabilities assumed |  | $ | 236,131
Net assets acquired |  | $ | 23,460
CONSIDERATION PAID: |  |  |
Cash |  | $ | 7,803
Common stock |  |  | 30,880
Total consideration paid |  | $ | 38,683
Goodwill |  | $ | 15,223
Summary of purchased loans |
|  | PCI |  | Performing |  |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Contractually required principal payments |  | $ | 3,126 |  | $ | 192,983 |  | $ | 196,109
Nonaccretable discount |  |  | (1,147) |  |  | — |  |  | (1,147)
Principal cash flows expected to be collected |  | $ | 1,979 |  | $ | 192,983 |  | $ | 194,962
Accretable discount |  |  | (220) |  |  | (2,224) |  |  | (2,444)
Fair Value of acquired loans |  | $ | 1,759 |  | $ | 190,759 |  | $ | 192,518
Changes in accretable yield for acquired loans |
|  | For the year ended December 31, 2019
|  | PCI |  | Performing |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Balance at the beginning of the period |  | $ | (8) |  | $ | (1,613) |  | $ | (1,621)
Reclassification of nonaccretable discount to accretable |  |  | (5) |  |  | — |  |  | (5)
Accretion recognized |  |  | 7 |  |  | 518 |  |  | 525
Balance at the end of the period |  | $ | (6) |  | $ | (1,095) |  | $ | (1,101)
|  | For the year ended December 31, 2018
|  | PCI |  | Performing |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Balance at the beginning of the period |  | $ | (166) |  | $ | (2,197) |  | $ | (2,363)
Accretion recognized |  |  | 158 |  |  | 584 |  |  | 742
Balance at the end of the period |  | $ | (8) |  | $ | (1,613) |  | $ | (1,621)
|  | For the year ended December 31, 2017
|  | PCI |  | Performing |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Balance at the beginning of the period |  | $ | (220) |  | $ | (2,224) |  | $ | (2,444)
Accretion recognized |  |  | 54 |  |  | 27 |  |  | 81
Balance at the end of the period |  | $ | (166) |  | $ | (2,197) |  | $ | (2,363)
Unaudited pro forma combined operating results |
|  | Year Ended December 31,
|  | 2017 |  | 2016
|  | (dollars in thousands, except per share data)
Net interest income |  | $ | 122,923 |  | $ | 102,902
Noninterest income |  | $ | 32,703 |  | $ | 34,238
Net income |  | $ | 38,728 |  | $ | 27,103
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 2.80 |  | $ | 2.05
Diluted |  | $ | 2.73 |  | $ | 2.02
SFC Bank |
Notes Tables |
Changes in accretable yield for acquired loans |
|  | Year ended December 31, 2019
|  | PCI |  | Performing |  |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Balance at the beginning of the period |  | $ | (659) |  | $ | (5,849) |  | $ | (6,508)
Reclassification of nonaccretable discount to accretable |  |  | (159) |  |  | — |  |  | (159)
Accretion recognized |  |  | 767 |  |  | 2,325 |  |  | 3,092
Balance at the end of the period |  | $ | (51) |  | $ | (3,524) |  | $ | (3,575)
|  | For the year ended December 31, 2018
|  | PCI |  | Performing |  |
|  | Loans |  | Loans |  | Total
Balance at the beginning of the period |  | $ | — |  | $ | — |  | $ | —
Discount added at acquisition |  |  | (293) |  |  | (7,800) |  |  | (8,093)
Reclassification of nonaccretable discount to accretable |  |  | (892) |  |  | — |  |  | (892)
Accretion recognized |  |  | 526 |  |  | 1,951 |  |  | 2,477
Balance at the end of the period |  | $ | (659) |  | $ | (5,849) |  | $ | (6,508)
Unaudited pro forma combined operating results |
|  | For the Year Ended December 31,
|  | 2018 |  | 2017
|  | (dollars in thousands, except per share data)
Net interest income |  | $ | 153,229 |  | $ | 136,190
Noninterest income |  | $ | 42,538 |  | $ | 32,395
Net income |  | $ | 49,542 |  | $ | 42,316
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 3.17 |  | $ | 2.82
Diluted |  | $ | 3.11 |  | $ | 2.75
Bates Companies [Member] |
Notes Tables |
Fair values of the assets acquired and liabilities assumed |
|  | As of
|  | July 1, 2018
|  | (dollars in thousands)
ASSETS |  |  |
Cash and due from banks |  | $ | 4,586
Interest-bearing deposits at financial institutions |  |  | 62,924
Securities |  |  | 4,845
Loans/leases receivable, net |  |  | 477,337
Bank-owned life insurance |  |  | 7,092
Premises and equipment |  |  | 6,092
Restricted investment securities |  |  | 3,654
Intangibles |  |  | 8,209
Other assets |  |  | 1,471
Total assets acquired |  | $ | 576,210
LIABILITIES |  |  |
Deposits |  | $ | 439,579
Short-term borrowings |  |  | 1,143
FHLB advances |  |  | 74,539
Other borrowings |  |  | 9,544
Other liabilities |  |  | 8,409
Total liabilities assumed |  | $ | 533,214
Net assets acquired |  | $ | 42,996
CONSIDERATION PAID: |  |  |
Cash |  | $ | 8,334
Common stock |  |  | 80,637
Total consideration paid |  | $ | 88,971
Goodwill |  | $ | 45,975
Summary of purchased loans |
|  | PCI |  | Performing |  |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Contractually required principal payments |  | $ | 7,553 |  | $ | 479,440 |  | $ | 486,993
Nonaccretable discount |  |  | (1,563) |  |  | — |  |  | (1,563)
Principal cash flows expected to be collected |  | $ | 5,990 |  | $ | 479,440 |  | $ | 485,430
Accretable discount |  |  | (293) |  |  | (7,800) |  |  | (8,093)
Fair Value of acquired loans |  | $ | 5,697 |  | $ | 471,640 |  | $ | 477,337
Changes in accretable yield for acquired loans |
|  | Year ended December 31, 2019
|  | PCI |  | Performing |  |  |
|  | Loans |  | Loans |  | Total
|  | (dollars in thousands)
Balance at the beginning of the period |  | $ | (659) |  | $ | (5,849) |  | $ | (6,508)
Reclassification of nonaccretable discount to accretable |  |  | (159) |  |  | — |  |  | (159)
Accretion recognized |  |  | 767 |  |  | 2,325 |  |  | 3,092
Balance at the end of the period |  | $ | (51) |  | $ | (3,524) |  | $ | (3,575)
Unaudited pro forma combined operating results |
|  | For the Year Ended December 31,
|  | 2018 |  | 2017
|  | (dollars in thousands, except per share data)
Net interest income |  | $ | 142,368 |  | $ | 116,029
Noninterest income |  | $ | 44,455 |  | $ | 33,044
Net income |  | $ | 44,032 |  | $ | 35,627
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 2.98 |  | $ | 2.67
Diluted |  | $ | 2.92 |  | $ | 2.60
RB&T |
Notes Tables |
Schedule of assets and liabilities of RB&T sold |
|  | As of |
|  | November 30, 2019 |
|  | (dollars in thousands) |
ASSETS |  |  |  |
Cash and due from banks |  | $ | 3,973 |
Interest-bearing deposits at financial institutions |  |  | 55,291 |
Securities held to maturity, at amortized cost |  |  | 3,243 |
Securities available for sale, at fair value |  |  | 21,874 |
Loans/leases receivable held for investment, net |  |  | 357,931 |
Premises and equipment, net |  |  | 5,612 |
Restricted investment securities |  |  | 675 |
Other real estate owned, net |  |  | 2,134 |
Other assets |  |  | 3,228 |
Total assets sold |  | $ | 453,961 |
LIABILITIES |  |  |  |
Noninterest-bearing deposits |  | $ | 69,802 |
Interest-bearing deposits |  |  | 331,486 |
Short-term borrowings |  |  | 1,158 |
Federal Home Loan Bank advances |  |  | 15,000 |
Other liabilities |  |  | 2,241 |
Total liabilities sold |  | $ | 419,687 |
Net assets sold |  | $ | 34,274 |
Cash consideration received |  | $ | 46,560 |
Gain on sale of assets and liabilities |  | $ | 12,286 |

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