Note 2 - Mergers/Acquisitions/Sale (Tables)

12 Months Ended

Dec. 31, 2022

Bates Companies

Notes Tables

Fair values of the assets acquired and liabilities assumed

	As of
	August 12, 2020
	(dollars in thousands)
ASSETS
Cash and due from banks	$	349
Premises and equipment, net		19
Other assets		2,259
Total assets sold	$	2,627
LIABILITIES
Other liabilities	$	946
Total liabilities sold	$	946
Net assets sold	$	1,681
Cash consideration	$	195
Forgiveness of earn-out consideration		880
Note receivable consideration		448
Loss on sale of subsidiary	$	158

Guaranty Federal Bancshares, Inc

Notes Tables

Fair values of the assets acquired and liabilities assumed

	As of
	April 1, 2022
	(dollars in thousands)
ASSETS
Cash and due from banks	$	171,844
Interest-bearing deposits at financial institutions		17,134
Securities		143,017
Loans/leases receivable, net		801,697
Bank-owned life insurance		32,100
Premises and equipment		16,257
Restricted investment securities		2,220
Other real estate owned		55
Intangibles		10,264
Other assets		23,685
Total assets acquired	$	1,218,273
LIABILITIES
Deposits	$	1,076,573
FHLB advances		16,000
Subordinated notes		19,621
Junior subordinated debentures		10,310
Other liabilities		15,225
Total liabilities assumed	$	1,137,729
Net assets acquired	$	80,544
CONSIDERATION PAID:
Cash	$	26,871
Common stock		117,214
Total consideration paid	$	144,085
Goodwill	$	63,541

Schedule of carrying amount of loans acquired and classified

	Guaranty Bank
	April 1, 2022
	(dollars in thousands)
Principal balance of PCD loans at acquisition	$	38,711
Allowance for credit losses at acquisition		(5,902)
Non-credit discount at acquisition		(1,366)
Fair value of PCD loans at acquisition	$	31,443

Schedule of FHLB advances and other borrowings

	Amount	Rate	Terms	Maturity Date	Collateral
	(dollars in thousands)
FHLB advance	6,500	0.59%	monthly interest payments; principal due at maturity	5/15/2023	commercial and residential real estate loans
FHLB advance	6,500	0.82%	monthly interest payments; principal due at maturity	5/15/2025	commercial and residential real estate loans
FHLB advance	3,000	1.12%	monthly interest payments; principal due at maturity	5/17/2027	commercial and residential real estate loans
Subordinated notes	19,621	5.25%	monthly interest payments; principal due at maturity	9/30/2030	unsecured
Junior subordinated debentures	10,310	4.09%	monthly interest payments; principal due at maturity	2/23/2036	unsecured
Fair value of borrowings assumed	$ 45,931

Schedule of unaudited pro forma combined operating results

	For the Year Ended December 31,
	2022			2021
Net interest income	$	242,161	$	222,839
Noninterest income	$	82,966	$	114,095
Net income	$	119,899	$	99,606
Earnings per common share:
Basic	$	6.97	$	5.60
Diluted	$	6.89	$	5.53