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Note 2 - Business Acquisition | 3 Months Ended
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Mar. 31, 2019
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | ( 2 ) Business Acquisition s On October 22, 2018, the Bank completed its acquisition of one branch office and a vacant lot from Planters First Bank (“PFB”) located in Albany, Georgia for a total cash consideration of $10.2 million. The assets and liabilities as of the effective date of the transaction were recorded at their respective estimated fair values. The excess of the purchase price over the net estimated fair values of the acquired assets and liabilities was allocated to identifiable intangible assets with the remaining excess allocated to goodwill. In the periods following the acquisition, the financial statements will include the results attributable to the Albany branch purchase beginning on the date of purchase. For the three months period ended March 31, 2019, the revenues and net loss attributable to the Albany branch were $71 thousand and $75 thousand, respectively. It is impracticable to determine the pro-forma impact to the 2018 revenues and net income if the acquisition had occurred on January 1, 2018 as the Bank does not have access to those records for a single branch. The following table provides the purchase price as of acquisition date, the identifiable assets acquired and liabilities assumed at their estimated fair values, and the resulting goodwill of $202 thousand recorded from the acquisition:
Purchase Price Consideration (in thousands) : |  |  |  |
Cash Consideration |  | $ | 10,238 |
Total purchase price for PFB branch acquisition |  | $ | 10,238 |
Assets acquired at fair value: |  |  |  |
Cash and cash equivalents |  | $ | 195 |
Loans |  |  | 20,430 |
Premises and equipment, net |  |  | 773 |
Core deposit intangible |  |  | 560 |
Other assets |  |  | 123 |
Total fair value of assets acquired |  | $ | 22,081 |
Liabilities assumed at fair value: |  |  |  |
Deposits |  | $ | 12,032 |
Other liabilities |  |  | 13 |
Total fair value of liabilities assumed |  | $ | 12,045 |
Net Assets acquired at fair value: |  | $ | 10,036 |
Amount of goodwill resulting from acquisition |  | $ | 202 |
The total amount of goodwill arising from this transaction of $202 thousand is deductible for tax purposes, pursuant to section 197 of the Internal Revenue Code. The Bank recorded all loans acquired at the estimated fair value on the purchase date with no carryover of the related allowance for loan losses. The Bank only acquired loans which were deemed to be performing loans with no signs of credit deterioration. On May 1, 2019, the Company completed its acquisition of LBC Bancshares, Inc. (“LBC”), a bank holding company headquartered in LaGrange, Georgia. Upon consummation of the acquisition, LBC was merged with and into the Company, with Colony as the surviving entity in the merger. At that time, LBC’s wholly owned bank subsidiary, Calumet Bank, was also merged with and into the Bank. The acquisition expanded the Company’s market presence, as Calumet Bank had two full-service banking locations, one each in LaGrange, Georgia and Columbus, Georgia, as well as a loan production office in Atlanta, Georgia. Under the terms of the Merger Agreement, each LBC shareholder will have the option to receive either $23.50 in cash or 1.3239 shares of the Company’s Common Stock in exchange for each share of LBC common stock, subject to customary proration and location procedures, such that 55 percent of LBC shares received the stock consideration and 45 percent received the cash consideration, and at least 50 percent of the merger consideration paid in the Company stock. As a result, the Company issued 1,054,029 common shares at a fair value of $18.7 million and paid $15.3 million in cash to the former shareholders of LBC as merger consideration. The Company is currently evaluating all fair value adjustments related to this transaction. The purchase price will be allocated among the net assets of LBC acquired as appropriate, with the remaining balance being reported as goodwill. As of March 31, 2019, LBC had total assets of $207.3 million, total loans of $131.9 million, and total deposits of $184.9 million. On April 16, 2019, the Bank entered into an agreement to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank for approximately $833 thousand. The transaction, which did not require regulatory approval, closed on May 1, 2019. It included fixed assets and all pipeline loans, and customers will not be affected as loans will close and be processed as normal. Planters First Bank retained closed loans not yet sold (loans held for sale). The Bank is currently evaluating all fair value adjustments related to this transaction. The purchase price will be allocated among the net assets of PFB Mortgage acquired as appropriate, with the remaining balance being reported as goodwill.

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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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