Note 13: Acquisitions

3 Months Ended

Dec. 31, 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- and six-month periods ended December, 2014, was $381,000 and $508,000, respectively, in third-party acquisition related costs, with no comparable expenses in the current periods.

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		For the six months ended
	December 31,		December 31,
	2015	2014	2015	2014
(dollars in thousands except per share data)
Interest income	14,235	14,357	28,207	28,765
Interest expense	2,335	2,195	4,602	4,385
Net interest income	11,900	12,162	23,605	24,380
Provision for loan losses	496	862	1,114	1,689
Noninterest income	2,791	2,187	4,992	4,164
Noninterest expense	8,166	8,590	16,154	17,978
Income before income taxes	6,029	4,897	11,329	8,877
Income taxes	1,820	1,460	3,485	2,767
Net income	4,209	3,437	7,844	6,110
Dividends on preferred shares	35	50	85	100
Net income available to common stockholders	4,174	3,387	7,759	6,010
Earnings per share
Basic	$0.56	$0.46	$1.05	$0.81
Diluted	$0.56	$0.45	$1.04	$0.79
Basic weighted average shares outstanding - split adjusted	7,425,351	7,404,354	7,423,853	7,390,704
Diluted weighted average shares outstanding - split adjusted	7,460,184	7,592,922	7,456,657	7,577,246

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.