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Note 2 - Mergers/Acquisitions/Sale (Tables) - Guaranty Federal Bancshares, Inc | 12 Months Ended
--- | ---
Dec. 31, 2023
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
​ * See Note 7 regarding measurement period adjustments recorded during the year ended December 31, 2023.
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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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