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Note 13: Business Combinations | 6 Months Ended
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Dec. 31, 2019
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Note 13: Business Combinations | Note 13: Business Combinations On January 17, 2020 the Company announced the signing of an agreement and plan of merger whereby Central Federal Bancshares, Inc. (“Central”), and its wholly owned subsidiary, Central Federal Savings and Loan Association (“Central Federal”), will be acquired by the Company in an all-cash transaction valued at approximately $24.0 million. At September 30, 2019, Central held consolidated assets of $69 million, loans, net of allowance, of $53 million, and deposits of $46 million. The transaction is expected to close late in the second quarter of calendar year 2020, subject to satisfaction of customary closing conditions, including regulatory and Central shareholder approvals. The acquired financial institution is expected to be merged with and into Southern Bank shortly after or simultaneously with the acquisition of Central. Through December 31, 2019, the Company incurred $25,000 of third-party acquisition-related costs, included in noninterest expense in the Company’s consolidated statement of income for the three- and six- month periods ended December 31, 2019.

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