XML 72 R56.htm IDEA: XBRL DOCUMENT v3.19.1
Note 2 - Mergers and Acquisitions (Details)
3 Months Ended 12 Months Ended
Feb. 12, 2019
Oct. 01, 2018
USD ($)
Aug. 31, 2018
USD ($)
Jul. 02, 2018
USD ($)
Jul. 01, 2018
USD ($)
location
$ / shares
Jun. 30, 2018
USD ($)
Jun. 29, 2018
USD ($)
$ / shares
Oct. 01, 2017
USD ($)
location
shares
Sep. 27, 2017
USD ($)
Aug. 31, 2016
USD ($)
location
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2016
USD ($)
$ / shares
shares
Dec. 31, 2018
USD ($)
shares
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Sep. 29, 2017
$ / shares
Dec. 31, 2015
USD ($)
Cash paid [1]                           $ 9,833,535 $ 7,803,420 $ 80,000,000    
Common stock consideration                           81,637,166 30,879,485      
Goodwill                     $ 77,831,902     77,831,902 28,334,092 13,110,913   $ 3,222,688
Total consideration paid                           94,970,701 38,682,905 80,000,000    
Advances from FHLB                     266,492,039     266,492,039        
Debt Instrument, Face Amount                     40,210,000     40,210,000 40,210,000      
Interest rate (as a percent) 5.375%                                  
Premises and equipment, net                     6,091,978     6,091,978 4,808,343 20,684,880    
Business acquisition related costs                           1,795,119 1,068,918 1,400,004    
Post-acquisition compensation, transition and integration costs                           2,086,386 4,309,565 1,041,169    
Intangibles                     10,063,660     10,063,660 2,698,301 6,352,653    
Total assets acquired                     578,913,766     $ 578,913,766 259,590,468 581,676,478    
Notes payable                               30,000,000    
PCI Loans                                    
Remaining life of loan (in months)                           8 months        
London Interbank Offered Rate (LIBOR)                                    
Variable interest rate (as a percent) 282.00%                                  
Revolving line of credit                                    
Proceeds from lines of credit                               5,000,000    
Line of credit facility, maximum borrowing capacity                     10,000,000     $ 10,000,000   10,000,000    
Revolving line of credit | London Interbank Offered Rate (LIBOR)                                    
Variable interest rate (as a percent)                           2.50%        
Guaranty Bank and Trust Company [Member]                                    
Cash paid               $ 7,803,420                    
Number of branches | location               5                    
Repayment period (in years)                 4 years                  
Voting interests acquired (as a percent)               100.00%                    
Common stock consideration               $ 30,879,485                    
Number of shares expecting to issue based on 10-day volume weighted average of the closing stock price of the Company ending five days prior to closing | shares               678,670                    
Percentage of total consideration consisting of common stock               79.00%                    
Percentage of total consideration paid in cash               21.00%                    
Share Price | $ / shares                                 $ 45.50  
Goodwill               $ 15,223,179                    
Total consideration paid               $ 38,682,905                    
Issuance of shares of common stock as a result of the acquisition, net of issuance cost                             30,741,414      
Debt Instrument, Face Amount                 $ 7,000,000                  
Term over which goodwill is deductible for tax purposes               15 years                    
Premises and equipment, net               $ 4,808,343                    
Business acquisition related costs                             805,000,000      
Post-acquisition compensation, transition and integration costs                             3,100,000      
Intangibles               2,698,301                    
Total assets acquired               $ 259,590,468                    
Guaranty Bank and Trust Company [Member] | PCI Loans                                    
Nonaccretable discount recognized                           $ 137,000 158,000      
Guaranty Bank and Trust Company [Member] | Core Deposits [Member]                                    
Acquired finite-lived intangible assets, weighted average useful life               10 years                    
Guaranty Bank and Trust Company [Member] | Five Branch Locations [Member]                                    
Property, plant and equipment, usefulllife               39 years                    
Guaranty Bank and Trust Company [Member] | Ten Branch Locations [Member]                                    
Intangibles               $ 4,600,000                    
Community State Bank [Member]                                    
Cash paid                   $ 80,000,000       69,905,355        
Number of branches | location                   10                
Voting interests acquired (as a percent)                   100.00%                
Goodwill                   $ 9,888,225                
Total consideration paid                   80,000,000                
Premises and equipment, net                   20,684,880 20,700,000     20,700,000        
Business acquisition related costs                             473,000 1,400,000    
Post-acquisition compensation, transition and integration costs                           1,200,000   1,000,000    
Intangibles                   6,352,653                
Stock issued during period (in shares) | shares                         1,215,000          
Shares issued, price per share | $ / shares                         $ 24.75          
Proceeds from issuance of common stock, net                         $ 29,800,000          
Total assets acquired                   581,676,478                
Revenue of acquiree since acquisition date                               11,400,000    
Earnings of acquiree since acquisition date                               2,100,000    
Community State Bank [Member] | PCI Loans                                    
Nonaccretable discount recognized                           25,000 $ 198,000 186,000    
Community State Bank [Member] | QCBT And CRBT [Member]                                    
Cash dividends                               $ 15,200,000    
Community State Bank [Member] | Core Deposits [Member]                                    
Intangibles     $ 6,400,000                              
Community State Bank [Member] | Ten Branch Locations [Member]                                    
Premises and equipment, net     $ 19,700,000                              
Property, plant and equipment, usefulllife     39 years                              
Premises and equipment write-up     $ 8,300,000                              
Community State Bank [Member] | Other Assets [Member]                                    
Total assets acquired                   $ 581,000,000                
Springfield Bancshares                                    
Cash paid         $ 8,333,535                 3,747,209        
Number of branches | location         1                          
Business acquisition exchange ratio         0.3060                          
Cash per common share | $ / shares         $ 1.50                          
Voting interests acquired (as a percent)         100.00%                          
Common stock consideration         $ 80,637,194   $ 80,600,000                      
Line of credit                     9,000,000     9,000,000        
Share Price | $ / shares             $ 47.45                      
Goodwill         45,974,931                          
Goodwill, Period Increase                     447,000              
Total consideration paid         88,970,729                          
Issuance of shares of common stock as a result of the acquisition, net of issuance cost                           80,530,957        
Payment of bank stock loan       $ 4,800,000                            
Premises and equipment, net         6,091,978                          
Business acquisition related costs                     391,000 $ 391,000   1,400,000        
Intangibles         8,208,728                          
Line of credit facility, maximum borrowing capacity             $ 10,000,000                      
Total assets acquired         576,210,340                          
Revenue of acquiree since acquisition date                     15,200,000 15,200,000            
Earnings of acquiree since acquisition date                     4,800,000 $ 4,800,000            
Springfield Bancshares | Core Deposits [Member]                                    
Intangibles         $ 8,200,000                          
Acquired finite-lived intangible assets, weighted average useful life         10 years                          
Springfield Bancshares | Ten Branch Locations [Member]                                    
Property, plant and equipment, usefulllife         39 years                          
Springfield Bancshares | Other Borrowings                                    
Proceeds from lines of credit           $ 4,900,000 $ 4,100,000                      
Bates Companies [Member]                                    
Assets under management   $ 704,000,000                                
Cash consideration paid from operating cash   1,500,000                                
Cash paid   $ 3,000,000                       $ 1,435,595        
Voting interests acquired (as a percent)   100.00%                                
Number of shares expecting to issue based on 10-day volume weighted average of the closing stock price of the Company ending five days prior to closing | shares                           47,003        
Stock consideration                     3,000,000     $ 3,000,000        
Goodwill                     3,766,074     3,766,074        
Issuance of shares of common stock as a result of the acquisition, net of issuance cost                           999,972        
Business acquisition related costs                           $ 394,000        
Stock issued during period (in shares) | shares                           23,501        
Bates Companies [Member] | Promissory Note [Member]                                    
Frequency of installments   annual installments                                
Repayment period (in years)   5 years                                
Periodic payment of principal amount   $ 300,000                                
Interest rate (as a percent)   2.18%                                
Bates Companies [Member] | Customer Lists [Member]                                    
Intangibles                     1,854,932     $ 1,854,932        
Bates Companies [Member] | Other Liabilities.                                    
Business combination, contingent consideration                     $ 2,000,000     $ 2,000,000        
Bates Companies [Member] | Other Liabilities. | Promissory Note [Member]                                    
Promissory note   $ 1,500,000                                
Maximum | Bates Companies [Member]                                    
Common stock consideration   $ 3,000,000                                
[1] Net cash paid at closing totaled $1,435,595 for acquisition of the Bates Companies in 2018. Net cash paid at closing totaled $3,747,209 for merger with Springfield Bancshares in 2018. Net cash paid at closing totaled $3,368,909 for acquisition of Guaranty Bank in 2017. Net cash paid at closing totaled $69,905,355 for acquisition of CSB in 2016.