XML 84 R74.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Note 12: Business Combinations: Business Combinations Policy: Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Tables) | 6 Months Ended
--- | ---
Dec. 31, 2018
Tables/Schedules |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration |
Gideon Bancshares Company |
Fair Value of Consideration Transferred |
(dollars in thousands) |
Cash | $11,271
Common stock, at fair value | 10,757
Total consideration | $22,028
Recognized amounts of identifiable assets acquired |
and liabilities assumed |
Cash and cash equivalents | $2,894
Investment securities | 54,866
Loans | 144,286
Premises and equipment | 3,663
Identifiable intangible assets | 4,125
Miscellaneous other assets | 5,926
Deposits | (170,687)
FHLB Advances | (18,701)
Note Payable | (4,400)
Miscellaneous other liabilities | (956)
Total identifiable net assets | 21,016
Goodwill | $1,012
Of the total estimated purchase price of $22.0 million, $4.1 million has been allocated to core deposit intangible. Additionally, $1.0 million has been allocated to goodwill and none of the purchase price is deductible. Goodwill is attributable to synergies and economies of scale expected from combining the operations of the Bank and First Commercial. Total goodwill was assigned to the acquisition of First Commercial. The core deposit intangible will be amortized over seven years on a straight line basis. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, our assessment of the ability of the borrower to service the debt, and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using individual analysis of each purchased credit impaired loan. The Company acquired the $154.0 million loan portfolio at an estimated fair value discount of $9.7 million. The accounting for the business combination is not yet complete and therefore all required disclosures for a business combination have not been provided. When completed, the excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-30. Final estimates of certain loans, those for which specific credit-related deterioration, since origination, will be recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans will be based on reasonable expectation about the timing and amount of cash flows to be collected. The acquired business contributed revenues of $1.2 million and earnings of $405,000 for the period from November 21, 2018 through December 31, 2018. The following unaudited pro forma summaries present consolidated information of the Company as if the business combination had occurred on July 1, 2018 and 2017:
|  | Pro Forma
|  | Three months ended
|  | December 31,
|  | 2018 | 2017
Revenue |  | $ 22,879 | $ 21,237
Earnings |  | 7,629 | 5,314
|  | Pro Forma
|  | Six months ended
|  | December 31,
|  | 2018 | 2017
Revenue |  | $ 45,739 | $ 41,656
Earnings |  | 14,948 | 10,587

X
- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration