Note 16 - Subsequent Events

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

16

) Subsequent Events

On

April 18, 2019,

the Board of Directors declared a cash dividend of

$0.075

per share to shareholders of record on

April 30, 2019,

payable on

May 15, 2019.

On

May 1, 2019,

the Company completed a borrowing arrangement with a correspondent bank for

$10.0

million. The term note is secured by the Bank’s stock, expires on

May 1, 2024,

and bears a fixed interest rate of

4.70

percent. The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank.

On

May 1, 2019,

the Company completed a revolving credit arrangement with a correspondent bank with a maximum line amount of

$10.0

million. This line of credit is secured by the Bank’s stock, expires on

May 1, 2021,

and bears a variable interest rate of Wall Street Journal Prime minus

0.40

percent. The Company advanced

$5.3

million that was used toward the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank.

On

May 1, 2019,

the Company completed its acquisitions of LBC Bancshares, Inc. and PFB Mortgage as further described in Note (

2

) Business Acquisitions.