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Note 2 - Mergers/Acquisitions/Sale (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Bates Companies |
Notes Tables |
Fair values of the assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​
​ | ​ | 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
Guaranty Federal Bancshares, Inc |
Notes Tables |
Fair values of the assets acquired and liabilities assumed | ​
​ | ​ | ​ | ​
​ |  | As of
​ | ​ | April 1, 2022
​ | ​ | (dollars in thousands)
ASSETS |  | ​ |
Cash and due from banks | ​ | $ | 171,844
Interest-bearing deposits at financial institutions | ​ |  | 17,134
Securities | ​ |  | 143,017
Loans/leases receivable, net | ​ |  | 801,697
Bank-owned life insurance | ​ | ​ | 32,100
Premises and equipment | ​ |  | 16,257
Restricted investment securities | ​ |  | 2,220
Other real estate owned | ​ |  | 55
Intangibles | ​ |  | 10,264
Other assets | ​ |  | 23,685
Total assets acquired | ​ | $ | 1,218,273
​ | ​ |  |
LIABILITIES | ​ |  |
Deposits | ​ | $ | 1,076,573
FHLB advances | ​ |  | 16,000
Subordinated notes | ​ | ​ | 19,621
Junior subordinated debentures | ​ | ​ | 10,310
Other liabilities | ​ |  | 15,225
Total liabilities assumed | ​ | $ | 1,137,729
Net assets acquired | ​ | $ | 80,544
​ | ​ |  |
CONSIDERATION PAID: | ​ |  |
Cash | ​ | $ | 26,871
Common stock | ​ | ​ | 117,214
Total consideration paid | ​ | $ | 144,085
Goodwill | ​ | $ | 63,541
​
Schedule of carrying amount of loans acquired and classified | ​
​ | ​ | ​ | ​
​ |  | Guaranty Bank
​ | ​ | April 1, 2022
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​
Principal balance of PCD loans at acquisition | ​ | $ | 38,711
Allowance for credit losses at acquisition | ​ |  | (5,902)
Non-credit discount at acquisition | ​ |  | (1,366)
Fair value of PCD loans at acquisition | ​ | $ | 31,443
​ | ​ | ​ | ​
​
Schedule of FHLB advances and other borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Amount | Rate | Terms | Maturity Date | Collateral
​ | ​ | (dollars in thousands)
FHLB advance | ​ | 6,500 | 0.59% | monthly interest payments; principal due at maturity | 5/15/2023 | commercial and residential real estate loans
FHLB advance | ​ | 6,500 | 0.82% | monthly interest payments; principal due at maturity | 5/15/2025 | commercial and residential real estate loans
FHLB advance | ​ | 3,000 | 1.12% | monthly interest payments; principal due at maturity | 5/17/2027 | commercial and residential real estate loans
Subordinated notes | ​ | 19,621 | 5.25% | monthly interest payments; principal due at maturity | 9/30/2030 | unsecured
Junior subordinated debentures | ​ | 10,310 | 4.09% | monthly interest payments; principal due at maturity | 2/23/2036 | unsecured
Fair value of borrowings assumed | ​ | $ 45,931 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of unaudited pro forma combined operating results | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | For the Year Ended December 31,
​ |  |  | 2022 | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | ​ | $ | 242,161 | ​ | $ | 222,839
Noninterest income | ​ | ​ | $ | 82,966 | ​ | $ | 114,095
Net income | ​ | ​ | $ | 119,899 | ​ | $ | 99,606
​ | ​ | ​ |  |  | ​ | ​ | ​
Earnings per common share: | ​ | ​ |  |  | ​ | ​ |
Basic | ​ | ​ | $ | 6.97 | ​ | $ | 5.60
Diluted | ​ | ​ | $ | 6.89 | ​ | $ | 5.53
​

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