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Note 13: Business Combinations | 9 Months Ended
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Mar. 31, 2020
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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 April 30, 2020 Central held consolidated assets of $70 million, loans, net of allowance, of $52 million, and deposits of $47 million. The transaction is expected to close late in the month of May, 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. For the three- and nine- month periods ended March 31, 2020, the Company incurred $76,000 and $101,000, respectively, of third-party acquisition-related costs, included in noninterest expense in the Company’s consolidated statements of income.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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