Merger (Tables)

12 Months Ended

Dec. 31, 2019

Merger

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value recorded as of October 12, 2018:

	Amount		Fair Value		Fair Value
	Recorded		Adjustments		Recorded
Consideration Paid:
Fair value of total consideration transferred (common shares issued)	$	1,240,001	$	—	$	1,240,001
Identifiable Assets Acquired:
Cash and cash equivalents		2,224,645		—		2,224,645
Interest-bearing time deposits		3,580,000		—		3,580,000
Investment securities		5,280,000		(280,107)		4,999,893
Federal Home Loan Bank Stock		1,543,300		—		1,543,300
Net loans receivable		16,159,521		164,074		16,323,595
Premises & Equipment, net		194,202		772,700		966,902
Core deposit and other intangibles		—		221,193		221,193
Other real estate owned		132,590		(33,000)		99,590
Other assets		895,044		(35,718)		859,326
Total identifiable assets acquired		30,009,302		809,142		30,818,444
Liabilities Assumed:
Deposits		26,475,279		3,739		26,479,018
Federal Home Loan Bank advances		343,242		—		343,242
Deferred taxes		41,947		176,636		218,583
Other Liabilities		345,260		—		345,260
Total liabilities assumed		27,205,728		180,375		27,386,103
Total identified net assets acquired		2,803,574		628,767		3,432,341
Gain on merger	$	1,563,573	$	628,767	$	2,192,340