XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.21.2

Acquisitions | 12 Months Ended
--- | ---
Jun. 30, 2021
Acquisitions |
Acquisitions | NOTE 14: Acquisitions On May 22, 2020 the Company completed its acquisition of Central Federal Bancshares, Inc. (“Central”), and its wholly owned subsidiary, Central Federal Savings and Loan Association (“Central Federal”), in an all-cash transaction valued at approximately $21.9 million. Net cash paid for the acquisition totaled approximately $9.1 million. The conversion of data systems took place on June 7, 2020. The Company incurred $1.2 million of third-party acquisition-related costs with $1.2 million being included in noninterest expense in the Company’s consolidated statement of income for the year ended June 30, 2020. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Central acquisition is detailed in the following table. ​
​ | ​ | ​ | ​
Central Federal Bancshares |  | ​ | ​
Fair Value of Consideration Transferred | ​ | ​ | ​
(dollars in thousands) | ​ | ​ | ​
Cash | ​ | $ | 21,942
​ | ​ | ​ | ​
​ | ​ | ​ | ​
Recognized amounts of identifiable assets acquired and liabilities assumed | ​ | ​ |
​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 12,862
Investment securities | ​ | ​ | 4,355
Loans | ​ | ​ | 51,449
Premises and equipment | ​ | ​ | 723
Identifiable intangible assets | ​ | ​ | 540
Miscellaneous other assets | ​ | ​ | 639
​ | ​ | ​ | ​
Deposits | ​ | ​ | (46,720)
Miscellaneous other liabilities | ​ | ​ | (1,783)
Total identifiable net assets | ​ | ​ | 22,065
Bargain Purchase Gain | ​ | $ | (123)
​ Of the total purchase price of $21.9 million, $540,000 has been allocated to core deposit intangible. None of the purchase price was allocated to goodwill, as the acquisition resulted in a bargain purchase gain of $123,000. The core deposit intangible will be amortized over six years on a straight line basis. The Company acquired the $52.1 million loan portfolio at an estimated fair value discount of $662,000. 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. Management identified no purchased credit-impaired loans associated with the Central acquisition (ASC 310-30). ​ ​

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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