Note 2 - Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	As of
	July 1, 2018
ASSETS
Cash and due from banks	$	4,586,326
Interest-bearing deposits at financial institutions		62,924,396
Securities		4,845,441
Loans/leases receivable, net		477,336,699
Bank-owned life insurance		7,091,883
Premises and equipment		6,091,978
Restricted investment securities		3,654,200
Core deposit intangible		8,208,728
Other assets		989,056
Total assets acquired	$	575,728,707
LIABILITIES
Deposits	$	439,579,328
Short-term borrowings		1,143,478
FHLB advances		73,610,427
Other borrowings		9,543,810
Other liabilities		8,408,464
Total liabilities assumed	$	532,285,507
Net assets acquired	$	43,443,200
CONSIDERATION PAID:
Cash	$	8,333,535
Common stock		80,637,194
Total consideration paid	$	88,970,729
Goodwill	$	45,527,529

Business Combination, Purchased Loans as of The Acquisition Date [Table Text Block]

	PCI		Performing
	Loans		Loans		Total
Contractually required principal payments	$	7,552,912	$	479,439,547	$	486,992,459
Nonaccretable discount		(1,562,455)		—		(1,562,455)
Principal cash flows expected to be collected	$	5,990,457	$	479,439,547	$	485,430,004
Accretable discount		(293,445)		(7,799,860)		(8,093,305)
Fair Value of acquired loans	$	5,697,012	$	471,639,687	$	477,336,699

Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Table Text Block]

	PCI		Performing
	Loans		Loans		Total
Discount added at acquisition	$	(293,445)	$	(7,799,860)	$	(8,093,305)
Reclassification of nonaccretable discount to accretable		(891,569)		—		(891,569)
Accretion recognized		262,852		951,592		1,214,444
Balance at the end of the period	$	(922,162)	$	(6,848,268)	$	(7,770,430)

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	September 30, 2018
Balance at acquisition	$	8,208,728
Amortization expense		(237,114)
Balance at the end of the period	$	7,971,614
Gross carrying amount	$	8,208,728
Accumulated amortization		(237,114)
Net book value	$	7,971,614

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Years ending December 31,	Amount
2018	$	237,114
2019		932,810
2020		915,051
2021		893,192
2022		867,227
Thereafter		4,126,220
	$	7,971,614

Schedule of assumed FHLB advances and other borrowings

	Amount	Rate	Terms	Maturity Date	Collateral
FHLB advance	$ 40,000,000	2.10%	daily interest payments; principal due at maturity	7/2/2018	commercial and residential real estate loans
FHLB advance	4,991,962	2.01%	monthly interest payments; principal due at maturity	7/30/2018	commercial and residential real estate loans
FHLB advance	4,966,060	2.09%	monthly interest payments; principal due at maturity	10/1/2018	commercial and residential real estate loans
FHLB advance	4,848,879	2.09%	monthly interest payments; principal due at maturity	9/30/2019	commercial and residential real estate loans
FHLB advance	4,787,502	1.50%	monthly interest payments; principal due at maturity	2/10/2020	commercial and residential real estate loans
FHLB advance	4,756,169	1.93%	monthly interest payments; principal due at maturity	5/27/2020	commercial and residential real estate loans
FHLB advance	4,664,663	1.96%	monthly interest payments; principal due at maturity	1/27/2021	commercial and residential real estate loans
FHLB advance	4,595,192	2.00%	monthly interest payments; principal due at maturity	7/29/2021	commercial and residential real estate loans
Subordinated debenture	952,566	4.00%	monthly interest payments; principal due at maturity	4/30/2021	unsecured
Subordinated debenture	952,566	4.00%	monthly interest payments; principal due at maturity	4/30/2021	unsecured
Subordinated debenture	946,226	4.00%	monthly interest payments; principal due at maturity	9/15/2021	unsecured
Subordinated debenture	946,226	4.00%	monthly interest payments; principal due at maturity	9/15/2021	unsecured
Subordinated debenture	946,226	4.00%	monthly interest payments; principal due at maturity	9/15/2021	unsecured
Bank stock loan	4,800,000	5.25%	monthly interest payments; principal due at maturity	3/13/2020	4,000,000 issued and outstanding shares of common stock of SFC Bank
Fair value of FHLB and other borrowings assumed	$ 83,154,237