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Note 18: Acquisition of Loans, Deposits and Branches | 3 Months Ended
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Sep. 30, 2015
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Note 18: Acquisition of Loans, Deposits and Branches | NOTE 18: ACQUISITION OF LOANS, DEPOSITS AND BRANCHES On September 30, 2015, the Company announced that it entered into a purchase and assumption agreement to acquire 12 branches and related deposits and loans in the St. louis, Mo., area from Cincinnati-based Fifth Third Bank. The acquisition, at that time representing approximately $261 million in deposits and $155 million in loans, is expected to be completed early in the first quarter of 2016, pending regulatory approval. Based on the expected amount of loans to be acquired and deposits assumed, it is anticipated that beginning in 2016 this transaction will be accretive to earnings in the range of $900,000 to $1.3 million annually. The deposits had a weighted average rate of approximately 0.31%, the composition of which was: demand deposits – 40%; money market and NOW accounts – 24%; savings accounts – 20%; and time deposits and IRAs – 16%. The loans had a weighted average yield of approximately 3.8%, the composition of which was: one- to four-family residential – 76%; commercial real estate – 8%; home equity lines – 8%; commercial business – 7%; and consumer and other – 1%. The one- to four-family residential loans are primarily loans made to professional individuals in the St. Louis market, such as doctors and persons working in the field of medicine. Approximately 55% of the total balance of these loans have fixed rates of interest for varying terms up to 30 years. Approximately 45% of the total balance of these loans have rates of interest that are fixed for varying terms (generally three to seven years), with rates that adjust annually thereafter.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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