Note 2 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

	As of
	October 1, 2017
ASSETS
Cash and due from banks	$	4,434,511
Interest-bearing deposits at financial institutions		3,953,907
Securities		49,703,419
Loans/leases receivable, net		192,517,677
Premises and equipment		4,808,343
Restricted investment securities		476,500
Core deposit intangible		2,698,301
Other assets		997,810
Total assets acquired	$	259,590,468

LIABILITIES
Deposits	$	212,467,514
Short-term borrowings		13,102,043
FHLB advances		4,108,027
Junior subordinated debentures		3,857,275
Other liabilities		2,595,883
Total liabilities assumed		236,130,742
Net assets acquired	$	23,459,726

CONSIDERATION PAID:
Cash	$	7,803,420
Common stock		30,879,485
Total consideration paid		38,682,905
Goodwill	$	15,223,179

	As of
	August 31, 2016
ASSETS
Cash and due from banks	$	10,094,645
Federal funds sold		698,000
Interest-bearing deposits at financial institutions		14,730,157
Securities		102,640,029
Loans/leases receivable, net		419,029,277
Premises and equipment		20,684,880
Core deposit intangible		6,352,653
Restricted investment securities		1,512,900
Other real estate owned		650,000
Other assets		5,283,937
Total assets acquired	$	581,676,478

LIABILITIES
Deposits	$	486,298,262
FHLB advances		20,368,877
Other liabilities		4,897,564
Total liabilities assumed	$	511,564,703
Net assets acquired	$	70,111,775

CONSIDERATION PAID:
Cash	$	80,000,000
Total consideration paid	$	80,000,000
Goodwill	$	9,888,225

	PCI			Performing
	Loans			Loans			Total
Contractually required principal payments	$	3,126,327		$	192,982,439		$	196,108,766
Nonaccretable discount		(1,147,198	)		-			(1,147,198	)
Principal cash flows expected to be collected		1,979,129			192,982,439			194,961,568
Accretable discount		(219,902	)		(2,223,989	)		(2,443,891	)
Fair Value of acquired loans	$	1,759,227		$	190,758,450		$	192,517,677

	PCI			Performing
	Loans			Loans			Total
Contractually required principal payments	$	8,349,688		$	427,398,400		$	435,748,088
Nonaccretable discount		(4,525,223	)		-			(4,525,223	)
Principal cash flows expected to be collected	$	3,824,465		$	427,398,400		$	431,222,865
Accretable discount		(277,579	)		(11,916,009	)		(12,193,588	)
Fair Value of acquired loans	$	3,546,886		$	415,482,391		$	419,029,277

	For the year ended December 31, 2017
	PCI			Performing
	Loans			Loans			Total
Balance at the beginning of the period	$	-		$	-		$	-
Discount added at acquisition		(219,902	)		(2,223,989	)		(2,443,891	)
Accretion recognized		54,070			26,836			80,906
Balance at the end of the period	$	(165,832	)	$	(2,197,153	)	$	(2,362,985	)

	For the year ended December 31, 2017
	PCI			Performing
	Loans			Loans			Total
Balance at the beginning of the period	$	(194,306	)	$	(9,115,614	)	$	(9,309,920	)
Accretion recognized		169,006			5,032,692			5,201,698
Balance at the end of the period	$	(25,300	)	$	(4,082,922	)	$	(4,108,222	)

	For the year ended December 31, 2016
	PCI			Performing
	Loans			Loans			Total
Balance at the beginning of the period	$	-		$	-		$	-
Discount added at acquisition		(277,579	)		(11,916,009	)		(12,193,588	)
Accretion recognized		83,273			2,800,395			2,883,668
Balance at the end of the period	$	(194,306	)	$	(9,115,614	)	$	(9,309,920	)

	Year Ended December 31,
	2017		2016
	(dollars in thousands, except per share data)
Net interest income	$	122,923	$	102,902
Noninterest income	$	32,703	$	34,238
Net income	$	38,728	$	27,103

Earnings per common share:
Basic	$	2.80	$	2.05
Diluted	$	2.73	$	2.02

	Year Ended December 31,
	2016		2015
		(dollars in thousands, except per share data)
Net interest income	$	110,035	$	98,483
Noninterest income	$	34,773	$	31,051
Net income	$	34,137	$	22,118

Earnings per common share:
Basic	$	2.62	$	1.91
Diluted	$	2.58	$	1.89