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Note 12: Business Combinations | 3 Months Ended
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Sep. 30, 2018
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Note 12: Business Combinations | Note 12: Business Combinations On June 12, 2018 the Company announced the signing of an agreement and plan of merger whereby Gideon Bancshares Company (“Gideon”), and its wholly owned subsidiary, First Commercial Bank (“First Commercial”), will be acquired by the Company in a stock and cash transaction valued at approximately $23.2 million, (representing 97.5% of Gideon’s anticipated capital, as adjusted, at closing). At September 30, 2018, Gideon held consolidated assets of $217.0 million, loans, net, of $147.7 million, and deposits of $162.2 million. The transaction is expected to close in the fourth quarter of calendar year 2018, subject to satisfaction of customary closing conditions. The acquired financial institution is expected to be merged with and into Southern Bank shortly after or simultaneously with the acquisition of Gideon in the fourth quarter of calendar year 2018. Through September 30, 2018, the Company incurred $208,000 of third-party acquisition-related costs, with $133,000 being included in noninterest expense in the Company’s consolidated statement of income for the three months ended September 30, 2018.

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