Business Combinations (Tables)

9 Months Ended

Mar. 31, 2023

Citizens Bancshares Company, purchased on January 20, 2023

Schedule of Purchase price

Citizens Bancshares Company
Fair Value of Consideration Transferred
(dollars in thousands)
Cash	$	32,522
Common stock, at fair value		98,280
Total consideration	$	130,802
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	243,225
Investment securities		226,451
Loans		447,388
Premises and equipment		23,430
BOLI		21,733
Identifiable intangible assets		24,645
Miscellaneous other assets		7,596
Deposits		(851,140)
Securities sold under agreements to repurchase		(27,629)
Miscellaneous other liabilities		(8,266)
Total identifiable net assets		107,433
Goodwill	$	23,369

Fortune Financial Corporation

Schedule of Purchase price

Fortune Financial Corporation
Fair Value of Consideration Transferred
(dollars in thousands)
Cash	$	12,664
Common stock, at fair value		22,884
Total consideration	$	35,548
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	34,280
Interest bearing time deposits		2,300
Loans		202,053
Premises and equipment		7,690
BOLI		3,720
Identifiable intangible assets		1,602
Miscellaneous other assets		3,512
Deposits		(213,670)
FHLB Advances		(9,681)
Subordinated debt		(7,800)
Miscellaneous other liabilities		(1,214)
Total identifiable net assets		22,792

Goodwill $ 12,756

First National Bank, Cairo

Schedule of Purchase price

First National Bank - Cairo Branch
Fair Value of Consideration Transferred
(dollars in thousands)
Cash	$	(26,932)
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	220
Loans		408
Premises and equipment		468
Identifiable intangible assets		168
Miscellaneous other assets		1
Deposits		(28,540)
Miscellaneous other liabilities		(99)
Total identifiable net liabilities		(27,374)
Goodwill	$	442