ACQUISITION OF MADISON FINANCIAL CORPORATION (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of valuation of the fair value of tangible and intangible assets acquired and liabilities assumed

Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Madison Financial Corporation acquisition is allocated as follows (in thousands):

Cash and cash equivalents	$	3,517
Interest-bearing deposits in other financial institutions		2,979
Securities available for sale		27,704
Loans		77,729
Federal Home Loan Bank Stock		1,053
Accrued interest receivable		309
Premises and equipment		789
Other real estate		445
Deferred tax assets		624
Core deposit intangible asset		800
Other assets		116
Total assets acquired	$	116,065
Deposits	$	95,823
Other borrowings		6,245
Accrued interest payable		59
Other liabilities		817
Total liabilities assumed	$	102,944
Liquidation amount of preferred stock including unpaid dividends and interest		6,066
Total identifiable net assets	$	7,055
Goodwill		884
	$	7,939

Schedule of loans

	12/31/2017		12/31/2016
Commercial	$	80,070	$	77,436
Real estate construction		20,816		29,169
Real estate mortgage:
1-4 family residential		238,121		244,638
Multi-family residential		39,926		47,199
Non-farm & non-residential		192,074		176,024
Agricultural		59,176		62,491
Consumer		18,182		18,867
Other		170		183
Total	$	648,535	$	656,007

Madison Financial Corp

Schedule of loans

	12/31/2017		12/31/2016
Commercial	$	738	$	1,113
Real estate construction		382		398
Real estate mortgage:
1-4 family residential		9,057		11,462
Multi-family residential		3,078		5,043
Non-farm & non-residential		9,314		13,024
Agricultural		960		1,940
Consumer		5		107
Total	$	23,534	$	33,087