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Note 20: Subsequent Event - Business Combination | 12 Months Ended
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Jun. 30, 2014
Notes |
Note 20: Subsequent Event - Business Combination | NOTE 20: Subsequent Event – Business Combination On August 5, 2014, the Company acquired 100% of the outstanding stock of Peoples Service Company (Peoples), headquartered in Nixa, Missouri. Peoples’ banking subsidiary, Peoples Bank of the Ozarks, has been maintained as a separate bank charter and subsidiary of the Company. The Company acquired Peoples primarily for the purpose of obtaining entry to and additional presence in markets where it believes the Company’s business model will perform well. The Company paid $12.1 million in cash and issued 345,897 shares of common stock to acquire the target. Additionally, the Company assumed the target’s $6.5 million aggregate principal amount of junior subordinated debt securities due June 15, 2035 related to its outstanding trust preferred securities, and retired notes payable totaling $2.9 million. To provide cash to the Company to facilitate the transaction, the Company’s banking subsidiary, Southern Bank, declared and paid to the Company a special dividend of $10.0 million in July 2014. At acquisition, Peoples held assets of $267.0 million, including loans, net, of $192.9 million, and held total deposits of $221.2 million. The initial accounting for the business combination was incomplete as of the date these financial statements were issued, due to work required to identify the fair value of the target’s assets and liabilities. The Company will determine any goodwill or bargain purchase gain when the fair values of the purchased assets and liabilities are determined. The Company expects fair value adjustments to loans, deposits, and fixed assets. A core deposit intangible is also expected to be recognized from the acquisition. The Company will recognize all acquisition-related costs as an expense. The Company’s acquisition-related costs related to Peoples were $150,000 through June 30, 2014, and are reflected in professional fees.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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