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Note 13: Acquisitions
 9 Months Ended
Mar. 31, 2016
Notes  
Note 13: Acquisitions

Note 13: Acquisitions

 

On August 5, 2014, the Company completed its acquisition of Peoples Service Company and its subsidiary, the Peoples Bank of the Ozarks, Nixa, Missouri (herein collectively, “Peoples Bank”). Peoples was merged into the Company’s bank subsidiary, Southern Bank, in early December, 2014, in connection with the conversion of Peoples’ data system. Included in noninterest expense for the three- and nine-month periods ended March 31, 2015, was $21,000 and $528,000, respectively, in third-party acquisition related costs, with no comparable expenses in the current periods.

 

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:

 

 

 For the three months ended

 For the nine months ended

 March 31,  

 March 31,  

 2016

2015

 2016

2015

(dollars in thousands except per share data)

 

 

 

 

Interest income

13,849

13,909

42,055

42,551

Interest expense

2,341

2,212

6,943

6,594

Net interest income

11,508

11,697

35,112

35,957

Provision for loan losses

563

837

1,677

2,526

Noninterest income

2,178

2,094

7,171

6,376

Noninterest expense

8,257

8,091

24,410

26,063

   Income before income taxes

4,866

4,863

16,196

13,744

Income taxes

1,544

1,497

5,030

4,264

   Net income

3,322

3,366

11,166

9,480

Dividends on preferred shares

-

50

85

150

   Net income available to common stockholders

3,322

3,316

11,081

9,330

 

 

 

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.