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Note 2 - Sales/Mergers/Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Bates Companies |
Notes Tables |
Schedule of assets and liabilities sold | ​
​ | ​ | ​ | ​
​ | ​ | As of
​ |  | August 12, 2020
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​
ASSETS | ​ | ​ | ​
Cash and due from banks | ​ | $ | 349
Premises and equipment, net | ​ | ​ | 19
Other assets | ​ | ​ | 2,259
Total assets sold | ​ | $ | 2,627
​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​
Other liabilities | ​ | $ | 946
Total liabilities sold | ​ | $ | 946
​ | ​ | ​ | ​
Net assets sold | ​ | $ | 1,681
​ | ​ | ​ | ​
​ | ​ | ​ | ​
Cash consideration | ​ | $ | 195
Forgiveness of earn-out consideration | ​ | ​ | 880
Note receivable consideration | ​ | ​ | 448
Loss on sale of subsidiary | ​ | $ | 158
Unaudited pro forma combined operating results | ​
​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ |  | December 31, 2018
​ | ​ | (dollars in thousands, except per share data)
​ | ​ | ​ | ​
Net interest income | ​ | $ | 142,368
Noninterest income | ​ | $ | 44,455
Net income | ​ | $ | 44,032
​ | ​ |  |
Earnings per common share: | ​ |  |
Basic | ​ | $ | 2.98
Diluted | ​ | $ | 2.92
RB&T |
Notes Tables |
Schedule of assets and liabilities sold | ​
​ | ​ | ​ | ​
​ |  | As of
​ | ​ | 11/30/2019
​ | ​ | (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 acquired | ​ | $ | 453,961
​ | ​ | ​ | ​
LIABILITIES | ​ |  |
Noninterest-bearing deposits | ​ | $ | 69,802
Interest-bearing deposits | ​ | ​ | 331,486
Short-term borrowings | ​ |  | 1,158
FHLB advances | ​ |  | 15,000
Other liabilities | ​ | ​ | 2,241
Total liabilities assumed | ​ | $ | 419,687
​ | ​ | ​ | ​
Net assets sold | ​ | $ | 34,274
​ | ​ | ​ | ​
Cash consideration received | ​ | $ | 46,560
Gain on sale of assets and liabilities | ​ | $ | 12,286
Springfield Bancshares |
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, 2020
​ | ​ | PCI | ​ | Performing | ​ | ​ | ​
​ |  | Loans |  | Loans |  | Total
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at the beginning of the period | ​ | $ | (51) | ​ | $ | (3,524) | ​ | $ | (3,575)
Reclassification of nonaccretable discount to accretable | ​ | ​ | (512) | ​ | ​ | — | ​ | ​ | (512)
Accretion recognized | ​ |  | 563 | ​ |  | 2,048 | ​ |  | 2,611
Balance at the end of the period | ​ | $ | — | ​ | $ | (1,476) | ​ | $ | (1,476)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2019
​ | ​ | PCI | ​ | Performing | ​ | ​
​ | ​ | Loans |  | Loans |  | Total
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
​ | ​ | (dollars in thousands, except per share data)
​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 153,229 | ​
Noninterest income | ​ | $ | 42,538 | ​
Net income | ​ | $ | 49,542 | ​
​ | ​ |  |  | ​
Earnings per common share: | ​ |  |  | ​
Basic | ​ | $ | 3.17 | ​
Diluted | ​ | $ | 3.11 | ​

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