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Mergers and Acquisitions

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January 1, 2018,

the Company completed the acquisition of Minden Bancorp, Inc. (MBI), and its wholly-owned subsidiary, MBL Bank, located in Minden, Louisiana, further increasing its presence in the Northwest Louisiana region. The Company paid an aggregate cash consideration equal to

$56.2

million, or approximately

$23.20

in exchange for each share of MBI common stock outstanding immediately prior to the effective time of the acquisition. At

December 31, 2017,

MBI had approximately

$317.1

million in total assets,

$192.7

million in net loans,

$264.0

million in total deposits, and

$30.2

million in total shareholders’ equity, and was the leading financial institution in Webster Parish, part of the Shreveport-Bossier City MSA, through its

two

banking center locations.

Cost and Allocation of Purchase Price for Minden Bancorp, Inc. (MBI):
(Dollars in thousands, except per share data)
Purchase Price:
MBI Shares Outstanding at December 31, 2017	2,407,627
MBI Restricted Stock Awards Outstanding at December 31, 2017	1,480
MBI Shares Cashed Out Under Terms of Merger			2,409,107
Exchange Ratio			23.20
Cash Paid to Shareholders for Shares of Common Stock		$	55,891
MBI Stock Options Outstanding at December 31, 2017
17,822 Shares at $31.50 Less Strike Price
Cash Paid on MBI Options			296
Total Purchase Price		$	56,187
Net Assets Acquired:
Cash and Cash Equivalents		$	15,891
Securities Available for Sale			99,867
Loans and Leases Receivable			192,714
Premises and Equipment, Net			2,678
Cash Value of Life Insurance			741
Core Deposit Intangible			2,494
Other Assets			2,930
Total Assets			317,315

Deposits			263,951
Borrowings			21,047
Other Liabilities			1,858
Total Liablilites			286,856
Net Assets Acquired			30,459
Goodwill Resulting from Merger		$	25,728

The following unaudited supplemental pro forma information is presented to reflect estimated results assuming MBI was acquired as of

January 1, 2017.

These unaudited pro forma results are

not

necessarily indicative of the operating results that the Company would have achieved had the acquisition been completed as of

January 1, 2017

and should

not

be considered representative of future operating results.

	For The Three Months Ended June 30,				For The Six Months Ended June 30,
	2018		2017		2018		2017
	(Dollars in thousands)				(Dollars in thousands)
	(except per share data)				(except per share data)

Interest Income	$	18,091	$	16,826	$	35,317	$	32,214
Interest Expense		3,115		2,073		5,841		3,987
Net Interest Income		14,976		14,753		29,476		28,227
Provision for Loan Losses		474		1,336		948		1,691
Net Interest Income after Provision for Loan Losses		14,502		13,417		28,528		26,536
Noninterest Income		2,006		1,797		3,741		3,299
Noninterest Expense		12,025		10,305		23,969		20,256
Income Before Income Taxes		4,483		4,909		8,300		9,579
Income Tax Expense		845		1,477		1,554		2,864
Net Income	$	3,638	$	3,432	$	6,746	$	6,715

Earnings Per Common Share
Basic	$	0.34	$	0.34	$	0.65	$	0.66
Diluted	$	0.33	$	0.33	$	0.62	$	0.64

June 1, 2018,

we entered into an Agreement and Plan of Reorganization (the “Reorganization Agreement”) with Richland State Bancorp, Inc. (“RSBI”), the holding company for Richland State Bank, Richland, Louisiana. In connection with the acquisition of RSBI, on

June 4, 2018

we completed an offering of

1,207,500

shares of our common stock at a public offering price of

$24.00

per share. The aggregate offering price totaled

$29.0

million, and the aggregate underwriting discount and commission was

$1.7

million. The operating results of RSBI are

not

included in the above pro forma results.