Note 14: Acquisition of Certain Assets and Liabilities of Boulevard Bank

3 Months Ended

Mar. 31, 2014

Notes

Note 14: Acquisition of Certain Assets and Liabilities of Boulevard Bank

NOTE 14: ACQUISITION OF CERTAIN ASSETS AND LIABILITIES OF BOULEVARD BANK

On March 21, 2014, Great Southern Bank completed the acquisition of certain loan and depository accounts and two branches in Neosho, Mo., and certain loan and depository accounts in St. Louis, Mo., from Neosho, Mo.-based Boulevard Bank.  The provisional fair values of the assets acquired and liabilities assumed in the transaction were as follows:

	March 21,
	2014
(In Thousands)
Assets
Cash and cash equivalents	$80,028
Loans receivable, net of discount on loans purchased of $-0-	10,940
Premises and equipment	668
Accrued interest receivable	34
Core deposit intangible	854
Total assets acquired	92,524
Liabilities
Total deposits	93,223
Accrued interest payable	93
Total liabilities assumed	93,316
Goodwill recognized on business acquisition	$792

This acquisition was determined to constitute a business acquisition in accordance with FASB ASC 805.  FASB ASC 805 allows a measurement period of up to one year to adjust initial fair value estimates as of the acquisition date.  Therefore, provisional measurements of assets acquired and liabilities assumed were recorded on a preliminary basis at fair value on the date of acquisition, March 21, 2014.  Based upon the preliminary acquisition date fair values of the net liabilities acquired, goodwill of $792,000 was recorded.  Details related to the purchase accounting adjustments are as follows:

	March 21,
	2014
(In Thousands)
Deposit premium per Purchase and Assumption Agreement	$(976)
Purchase accounting adjustments
Deposits	(670)
Core deposit intangible	854
Goodwill recognized on business acquisition	$792