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ACQUISITION (Tables)
 12 Months Ended
Jun. 30, 2015
ACQUISITION  
Schedule of summary of assets received and liabilities assumed
​ ​ ​
As Recorded
by Stephens 
Federal
 ​ ​
Initial Fair 
Value and 
Other 
Adjustments
 ​ ​
Subsequent Fair 
Value and 
Other 
Adjustments
 ​ ​
As Recorded by 
the Company
 ​
Consideration ​ ​ ​ ​ ​
Common stock at $18.95 per share, 36,945 shares
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 700 ​ ​
Assets ​ ​ ​ ​ ​
Cash and cash equivalents
 ​ ​ ​ $ 24,079 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 24,079 ​ ​
Securities available-for-sale
 ​ ​ ​ ​ 2,720 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,720 ​ ​
Loans
 ​ ​ ​ ​ 103,166 ​ ​ ​ ​ ​ (6,742)(1) ​ ​ ​ ​ ​ (962)(7) ​ ​ ​ ​ ​ 95,462 ​ ​
Mortgage loans held for sale
 ​ ​ ​ ​ 572 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 572 ​ ​
Premises and equipment, net
 ​ ​ ​ ​ 5,308 ​ ​ ​ ​ ​ (1,324)(2) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,984 ​ ​
Real estate owned, net
 ​ ​ ​ ​ 6,198 ​ ​ ​ ​ ​ (2,806)(3) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,392 ​ ​
Accrued interest receivable
 ​ ​ ​ ​ 376 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 376 ​ ​
Restricted equity securities
 ​ ​ ​ ​ 143 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 143 ​ ​
Core deposit intangible
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 959(8) ​ ​ ​ ​ ​ 959 ​ ​
Loan servicing rights
 ​ ​ ​ ​ 1,409 ​ ​ ​ ​ ​ (40)(4) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,369 ​ ​
Other assets
 ​ ​ ​ ​ 141 ​ ​ ​ ​ ​ 4,091(5) ​ ​ ​ ​ ​ 975(9) ​ ​ ​ ​ ​ 5,207 ​ ​
Total assets acquired
 ​ ​ ​ $ 144,112 ​ ​ ​ ​ $ (6,821) ​ ​ ​ ​ ​ 972 ​ ​ ​ ​ ​ 138,263 ​ ​
Liabilities ​ ​ ​ ​ ​
Deposits
 ​ ​ ​ $ 139,160 ​ ​ ​ ​ $ 54(6) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 139,214 ​ ​
Other liabilities
 ​ ​ ​ ​ 1,035 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (93)(10) ​ ​ ​ ​ ​ 942 ​ ​
Total liabilities assumed
 ​ ​ ​ $ 140,195 ​ ​ ​ ​ $ 54 ​ ​ ​ ​ ​ (93) ​ ​ ​ ​ ​ 140,156 ​ ​
Net liabilities assumed
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,065 ​ ​ ​ ​ ​ (1,893) ​ ​
Goodwill
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,065)(11) ​ ​ ​ ​ $ 2,593 ​ ​
​

Explanation of fair value adjustments:

(1)
The net fair value adjustment includes a total gross fair value adjustment of  $8,892 to the unpaid principal balances of loans acquired, net of the existing allowance of  $1,979, and deferred loans fees of$171. The gross fair value adjustment includes both credit, interest and liquidity components that comprise the entire discount. The fair value adjustment related to purchased credit impaired (“PCI”) loans was $6,676, and the fair value adjustment on purchased performing loans was $2,216. Based on an evaluation of the expected future cash flows for PCI loans, the accretable difference expected to be recognized into income as a yield adjustment on loans was $642. The entire discount on purchased performing loans will be accreted to income on a level-yield basis over each loan’s contractual life.

 

 

 

(2)
Premises and equipment were adjusted to reflect recently appraised values of the land and buildings for each branch acquired and the Company’s estimates of the fair value of furniture, fixtures and equipment.
​
(3)
The net adjustment reflects the fair value of real estate properties, less estimated costs to sell.
​
(4)
The adjustment reflects the fair value of loan servicing rights based upon the net present value of future servicing cash flows net of costs.
​
(5)
Represents adjustments in the net deferred tax assets resulting from the fair value adjustments related to the acquired assets and liabilities, identifiable intangibles and other deferred tax items. The fair value adjustment of the net deferred tax asset assumes an effective tax rate of approximately 36%.
​
(6)
The value adjustment to time deposits reflecting the differences in the contractual interest rates and those currently offered. The premium will be amortized into interest expense over a 3.7 year life using the straight line method.
​
(7)
Additional loans were identified as PCI, resulting in a net $575 increase in the fair value discount of those loans. Additionally, fair value estimates were updated on certain loans, increasing the fair value discount approximately $387. The total fair value adjustment on PCI loans was $7,638. The final adjusted accretable difference expected to be recognized into income was $618.
​
(8)
The value for the core deposit intangible at December 31, 2014.
​
(9)
Change in other assets of  $699 relates to changes in deferred taxes associated with the fair value discounts on PCI loans and a $276 increase in deferred tax assets resulting from a change in the income tax rate used to calculate the initial deferred taxes from 36.0% to 38.0%.
​
(10)
This adjustment represents an adjustment to amounts determined to be over accrued by Stephens Federal for FDIC premiums owed.
​
(11)
Changes to goodwill are a direct result of the adjustments to net assets acquired.

 
Schedule of impact of the merger
​ ​
Actual from 
acquisition 
date through 
June 30,
 ​ ​ ​
​ ​ ​
Unaudited
 ​
​ ​ ​
Pro-forma for years ended 
June 30,
 ​
​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ 2014 ​ ​
Net interest income
 ​ ​ ​ $ 5,878 ​ ​ ​ ​ $ 16,961 ​ ​ ​ ​ $ 16,604 ​ ​
Noninterest income
 ​ ​ ​ ​ 967 ​ ​ ​ ​ ​ 1,848 ​ ​ ​ ​ ​ 1,436 ​ ​
Net income
 ​ ​ ​ ​ 1,649 ​ ​ ​ ​ ​ 5,579 ​ ​ ​ ​ ​ 4,990 ​ ​
Net income available to common shareholders
 ​ ​ ​ $ 1,631 ​ ​ ​ ​ $ 5,531 ​ ​ ​ ​ $ 4,948 ​ ​
Pro-forma earnings per share: ​ ​ ​ ​
Basic
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0.98 ​ ​ ​ ​ $ 0.89 ​ ​
Diluted
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0.97 ​ ​ ​ ​ $ 0.88