Note 13: Acquisitions

3 Months Ended

Sep. 30, 2015

Notes

Note 13: Acquisitions

Note 13: Acquisitions

On August 5, 2014, the Company completed its acquisition of Peoples Service Company and its subsidiary, the Peoples Bank of the Ozarks, Nixa, Missouri (herein collectively, “Peoples Bank”).  Peoples was merged into the Company’s bank subsidiary, Southern Bank, in early December, 2014, in connection with the conversion of Peoples’ data system.   Included in noninterest expense for the three-month period ended September 30, 2014, was $127,000 in third-party acquisition related costs, with no comparable expenses in the current period.

The following unaudited pro forma condensed financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the acquisition taken place at the beginning of each period:

	For the three months ended
(dollars in thousands except per share data)	September 30, 2015	September 30, 2014
Interest income	13,971	14,394
Interest expense	2,266	2,190
Net interest income	11,705	12,204
Provision for loan losses	618	827
Noninterest income	2,201	1,978
Noninterest expense	7,988	9,388
Income before income taxes	5,300	3,967
Income taxes	1,665	1,301
Net income	3,635	2,666
Dividends on preferred shares	50	50
Net income available to common stockholders	3,585	2,616
Earnings per share
Basic	$0.48	$0.35
Diluted	$0.48	$0.35
Basic weighted average shares outstanding - split adjusted	7,422,354	7,377,051
Diluted weighted average shares outstanding - split adjusted	7,453,857	7,571,121

The unaudited pro forma condensed combined financial statements do not reflect any anticipated cost savings and revenue enhancements. Accordingly, the pro forma results of operations of the Company as of and after the business combination may not be indicative of the results that actually would have occurred if the combination had been in effect during the periods presented or of the results that may be attained in the future.