Note 3 - Mergers and Acquisitions -

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

N

ote

3

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Mergers and Acquisitions

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After the close of business on

March 31, 2015,

the Company merged with American Gateway Financial Corporation (

“AGFC”), parent bank holding company for American Gateway Bank, pursuant to which the operations of AGFC merged with the Company. Prior to the merger, AGFC was a full service bank with

ten

branches located in the Baton Rouge, Louisiana metro region. Shareholders of AGFC received merger consideration of

$10.00

in cash and

11.88

shares of the Company’s common stock in exchange for each share of AGFC common stock, representing an aggregate purchase price of

$47.9

million. Including the effect of purchase accounting adjustments, assets acquired from AGFC totaled

$371.5

million, which included loans of

$143.2

million, securities available for sale of

$108.4

million, and cash of

$98.5

million. The Company also recorded a core deposit intangible asset of

$2.8

million and goodwill of

$6.8

million relating to the acquisition. The Company assumed liabilities totaling

$330.5

million, which included

$283.3

million in deposits,

$41.2

million in Federal Home Loan Bank (“FHLB”) advances, and

$4.3

million in securities sold under agreements to repurchase.