Note 2 - Sales/Mergers/Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Bates Companies

Notes Tables

Schedule of assets and liabilities sold

	As of
	August 12, 2020
	(dollars in thousands)
ASSETS
Cash and due from banks	$	349
Premises and equipment, net		19
Other assets		2,259
Total assets sold	$	2,627
LIABILITIES
Other liabilities	$	946
Total liabilities sold	$	946
Net assets sold	$	1,681
Cash consideration	$	195
Forgiveness of earn-out consideration		880
Note receivable consideration		448
Loss on sale of subsidiary	$	158

Unaudited pro forma combined operating results

	For the Year Ended
	December 31, 2018
	(dollars in thousands, except per share data)
Net interest income	$	142,368
Noninterest income	$	44,455
Net income	$	44,032
Earnings per common share:
Basic	$	2.98
Diluted	$	2.92

RB&T

Notes Tables

Schedule of assets and liabilities sold

	As of
	11/30/2019
	(dollars in thousands)
ASSETS
Cash and due from banks	$	3,973
Interest-bearing deposits at financial institutions		55,291
Securities held to maturity, at amortized cost		3,243
Securities available for sale, at fair value		21,874
Loans/leases receivable held for investment, net		357,931
Premises and equipment, net		5,612
Restricted investment securities		675
Other real estate owned, net		2,134
Other assets		3,228
Total assets acquired	$	453,961
LIABILITIES
Noninterest-bearing deposits	$	69,802
Interest-bearing deposits		331,486
Short-term borrowings		1,158
FHLB advances		15,000
Other liabilities		2,241
Total liabilities assumed	$	419,687
Net assets sold	$	34,274
Cash consideration received	$	46,560
Gain on sale of assets and liabilities	$	12,286

Springfield Bancshares

Notes Tables

Fair values of the assets acquired and liabilities assumed

	As of
	July 1, 2018
	(dollars in thousands)
ASSETS
Cash and due from banks	$	4,586
Interest-bearing deposits at financial institutions		62,924
Securities		4,845
Loans/leases receivable, net		477,337
Bank-owned life insurance		7,092
Premises and equipment		6,092
Restricted investment securities		3,654
Intangibles		8,209
Other assets		1,471
Total assets acquired	$	576,210
LIABILITIES
Deposits	$	439,579
Short-term borrowings		1,143
FHLB advances		74,539
Other borrowings		9,544
Other liabilities		8,409
Total liabilities assumed	$	533,214
Net assets acquired	$	42,996
CONSIDERATION PAID:
Cash	$	8,334
Common stock		80,637
Total consideration paid	$	88,971
Goodwill	$	45,975

Summary of purchased loans

	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)
Contractually required principal payments	$	7,553	$	479,440	$	486,993
Nonaccretable discount		(1,563)		—		(1,563)
Principal cash flows expected to be collected	$	5,990	$	479,440	$	485,430
Accretable discount		(293)		(7,800)		(8,093)
Fair Value of acquired loans	$	5,697	$	471,640	$	477,337

Changes in accretable yield for acquired loans

	Year ended December 31, 2020
	PCI		Performing
	Loans		Loans		Total
	(dollars in thousands)
Balance at the beginning of the period	$	(51)	$	(3,524)	$	(3,575)
Reclassification of nonaccretable discount to accretable		(512)		—		(512)
Accretion recognized		563		2,048		2,611
Balance at the end of the period	$	—	$	(1,476)	$	(1,476)

	For the year ended December 31, 2019
	PCI		Performing
	Loans		Loans		Total
Balance at the beginning of the period	$	(659)	$	(5,849)	$	(6,508)
Reclassification of nonaccretable discount to accretable		(159)		—		(159)
Accretion recognized		767		2,325		3,092
Balance at the end of the period	$	(51)	$	(3,524)	$	(3,575)
		For the year ended December 31, 2018
	PCI		Performing
	Loans		Loans		Total
Balance at the beginning of the period	$	—	$	—	$	—
Discount added at acquisition		(293)		(7,800)		(8,093)
Reclassification of nonaccretable discount to accretable		(892)		—		(892)
Accretion recognized		526		1,951		2,477
Balance at the end of the period	$	(659)	$	(5,849)	$	(6,508)

Unaudited pro forma combined operating results

	For the Year Ended
	December 31, 2018
	(dollars in thousands, except per share data)
Net interest income	$	153,229
Noninterest income	$	42,538
Net income	$	49,542
Earnings per common share:
Basic	$	3.17
Diluted	$	3.11