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Note 13: Acquisitions | 3 Months Ended
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Dec. 31, 2014
Notes |
Note 13: Acquisitions | Note 13: Acquisitions On August 5, 2014, the Company completed its acquisition of Peoples Service Company (PSC) and its subsidiary, the Peoples Bank of the Ozarks (Peoples), Nixa, Missouri. Peoples was merged into the Company’s bank subsidiary, Southern Bank, in early December, 2014, in connection with the conversion of its data system. The Company acquired Peoples primarily for the purpose of conducting commercial banking activities in markets where it believes the Company’s business model will perform well, and for the long-term value of its core deposit franchise. Through December 31, 2014, the Company incurred $658,000 in third-party acquisition-related costs. Expenses totaling $508,000 are included in noninterest expense in the Company’s consolidated statement of income for the six-months ended December 30, 2014, compared to $0 at December 31, 2013. Notes payable of $2.9 million were contractually required to be repaid on the date of acquisition. The goodwill of $2.9 million arising from the acquisition consists largely of synergies and economies of scale expected from combining the operations of the Company and Peoples. Total goodwill was assigned to the acquisition of the bank holding company. The following table summarizes the consideration paid for PSC and Peoples, and the amounts of assets acquired and liabilities assumed recognized at the acquisition date:
Fair Value of Consideration Transferred |
(dollars in thousands) |
Cash | $12,094
Common stock, at fair value | 12,331
Total consideration | $24,425
Recognized amounts of identifiable assets acquired |
and liabilities assumed |
Cash and Cash equivalents | $18,236
Interest bearing time deposits | 9,950
Investment Securities | 31,257
Loans | 190,445
Premises and equipment | 11,785
Identifiable intangible assets | 3,000
Miscellaneous other assets | 4,067
Deposits | (221,887)
Advances from FHLB | (16,038)
Subordinated debt | (4,844)
Miscellaneous other liabilities | (1,558)
Notes Payable | (2,921)
Total identifiable net assets | 21,492
Goodwill | $2,933
The following unaudited pro forma condensed financial information presents the results of operations of the company, including the effects of the purchase accounting adjustments and acquisition expenses, had the acquisition taken place at the beginning of each period:
| Three months ended | Six months ended
| December 31, | December 31,
| 2014 | 2013 | 2014 | 2013
(dollars in thousands except per share data) |  |  |  |
Interest income | $14,357 | $13,460 | $28,765 | $25,688
Interest expense | 2,195 | 2,288 | 4,385 | 4,476
Net interest income | 12,162 | 11,172 | 24,380 | 21,212
Provision for loan losses | 862 | 295 | 1,689 | 794
Noninterest income | 2,187 | 1,968 | 4,164 | 3,621
Noninterest expense | 8,590 | 8,812 | 17,978 | 15,636
Income before income taxes | 4,897 | 4,033 | 8,877 | 8,403
Income taxes | 1,460 | 1,179 | 2,767 | 2,494
Net income | 3,437 | 2,854 | 6,110 | 5,909
Dividends on preferred shares | 50 | 50 | 100 | 100
Net income available to common stockholders | $3,387 | $2,804 | $6,010 | $5,809
Earnings per share |  |  |  |
Basic | $0.91 | $0.77 | $1.63 | $1.60
Diluted | $0.89 | $0.75 | $1.59 | $1.55
Basic weighted average shares outstanding | 3,702,177 | 3,642,698 | 3,695,352 | 3,641,817
Diluted weighted average shares outstanding | 3,796,461 | 3,747,457 | 3,788,623 | 3,740,384
The unaudited pro forma condensed combined financial statements do not reflect any anticipated cost savings and revenue enhancements. Accordingly, the pro forma results of operations of the company as of and after the business combination may not be indicative of the results that actually would have occurred if the combination had been in effect during the periods presented or of the results that may be attained in the future.

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