Guaranty Federal Bancshares, Inc., (NASDAQ:GFED), the holding
company (the “Company”) for Guaranty Bank (the “Bank”), today
announces the following preliminary results for the second quarter
ended June 30, 2018. The results were negatively impacted by
the expected $3.2 million of one-time, nonrecurring costs
associated with its acquisition of Hometown Bancshares, Inc.
(“Hometown”). These additional costs incurred during the
quarter included a significant core processing vendor contract
termination of approximately $2 million. Other acquisition
costs included legal, professional, employee benefit and other data
processing expense.
Net loss available to common shareholders for
the quarter ended June 30, 2018 was ($343,000) and diluted earnings
(loss) per common share (“EPS”) was ($0.08). Excluding the
acquisition costs discussed above, the Company would have reported
net income and diluted EPS of $1,916,000 and $0.43,
respectively. For the second quarter of 2017, the Company
reported net income of $1,593,000 and diluted EPS of $0.36,
respectively.
For the six months ended June 30, 2018, the Company reported net
income and EPS of $1,012,761 and $0.23, respectively.
Excluding the above acquisition costs, the Company would have
reported net income and diluted EPS of $3,418,000 and $0.76,
respectively. For the six months ending June 30, 2017, the
Company reported net income and EPS of $3,022,000 and $0.68,
respectively.
Acquisition of Hometown, Headquartered in Carthage,
Missouri
As previously announced, on April 2, 2018 (the “Acquisition
Date”), the Company completed its $4.6 million cash purchase of
Hometown. Hometown’s subsidiary bank, Hometown Bank, National
Association, was merged into Guaranty Bank on June 8, 2018.
Shaun A. Burke, President and Chief Executive
Officer of the Company stated, “We are entering an exciting new
era. The merger expands our footprint in Southwest Missouri
and creates economies of scale to create the operational
efficiencies found in a larger company. We are excited to finally
have the Hometown team join our organization and are already
encouraged by the growth opportunities in the Joplin MSA.
Once we get past the ‘noise in the numbers’ and the nonrecurring
merger expenses, we are confident the results of the combined
company will further enhance long-term shareholder
value.”
As of the Acquisition Date, Hometown’s balance
sheet had total assets of $177.7 million, consisting primarily of
loans totaling $150.4 million. Total deposits were $161.0
million. Preliminary purchase accounting adjustments were
recorded as of the Acquisition Date, resulting in goodwill of $2.6
million. A table below summarizes the assets acquired and
liabilities assumed from Hometown.
Select Quarterly Financial Data
Below are selected financial results for the
Company’s second quarter of 2018, compared to the first quarter of
2018 and the second quarter of 2017.
|
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|
|
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|
|
Quarter ended |
|
|
|
June 30, 2018 |
|
March 31,
2018 |
|
June 30,
2017 |
|
|
|
(Dollar amounts in thousands, except per share
data) |
|
|
Net income (loss)
available to common shareholders |
$ |
(343 |
) |
|
$ |
1,356 |
|
|
$ |
1,593 |
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share |
$ |
(0.08 |
) |
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
|
Common shares
outstanding |
|
4,406,432 |
|
|
|
4,403,965 |
|
|
|
4,374,725 |
|
|
|
Average common shares
outstanding , diluted |
|
4,471,893 |
|
|
|
4,466,786 |
|
|
|
4,426,411 |
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
-0.14 |
% |
|
|
0.70 |
% |
|
|
0.85 |
% |
|
|
Annualized return on
average equity |
|
-1.48 |
% |
|
|
7.25 |
% |
|
|
8.68 |
% |
|
|
Net interest
margin |
|
3.54 |
% |
|
|
3.28 |
% |
|
|
3.34 |
% |
|
|
Efficiency ratio |
|
102.99 |
% |
|
|
74.50 |
% |
|
|
62.95 |
% |
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets |
|
7.26 |
% |
|
|
9.40 |
% |
|
|
9.75 |
% |
|
|
Tangible book value per
common share |
$ |
15.73 |
|
|
$ |
17.22 |
|
|
$ |
16.76 |
|
|
|
Nonperforming assets to
total assets |
|
1.42 |
% |
|
|
1.21 |
% |
|
|
1.47 |
% |
|
|
|
|
|
|
|
|
|
The following were key items impacting the second quarter
operating results as compared to the same quarter in 2017 and the
financial condition results compared to December 31, 2017:
Net Interest income – Net interest income
totaled $7,972,267 for the quarter as compared to $5,889,199 during
the prior year quarter, an increase of 35%. Net interest
income attributable to Hometown totaled $1,250,672 for the quarter
and net interest income attributable to purchase accounting
adjustments, primarily the accretion of the loan discount, was
$454,792. Net interest margin was 3.54% as compared to 3.34%
for the prior year quarter. See the Analysis of Net Interest
Income and Margin table below for the second quarter.
Asset Quality, Provision for Loan Loss Expense and
Allowance for Loan Losses – The Company’s nonperforming
assets increased to $13.6 million as of June 30, 2018 as compared
to $10.2 million as of December 31, 2017. $3.9 million of this
increase was due to the acquisition of Hometown. Based on its
reserve analysis and methodology, the Company recorded a provision
for loan loss expense of $500,000 during the quarter, a decrease
from the $575,000 recognized during the prior year quarter.
The provision for the quarter was primarily due to the increased
reserves needed for growing loan balances for construction lending
and various reserves on a few specific problem credits. At
June 30, 2018, the allowance for loan losses of $7.6 million was
0.97% of gross loans outstanding (excluding mortgage loans held for
sale), representing a decrease from the 1.12% as of December 31,
2017.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through the acquisition
of Hometown were recorded at fair value; therefore, there was no
allowance associated with Hometown’s loans at acquisition.
Management continues to evaluate the allowance needed on the
acquired Hometown loans factoring in the net remaining discount
($5.6 million at June 30, 2018).
Management believes the allowance for loan losses is at a
sufficient level to provide for loan losses in the Bank’s existing
loan portfolio.
Noninterest Income – Non-interest income
increased $586,752 (43%) during the quarter primarily due to the
Company’s increased income from sales of fixed-rate mortgage loans
and Small Business Administration (“SBA”) loans, $194,000
combined. The Company also experienced a significant increase
of approximately $262,000 in service charges, primarily due to the
Hometown acquisition.
Noninterest Expense – Non-interest expenses
increased $5,654,721 (124%) due to a few significant factors
discussed below.
Due to the acquisition, $3,192,050 of one-time, nonrecurring
merger costs were incurred during the quarter (further detailed
above).
Salaries and employee benefits increased $1,167,093 for the
quarter and is primarily due to the Hometown acquisition, $604,000,
and also the Company’s existing expansion in the Joplin, Missouri
market, pre-acquisition.
Occupancy expenses increased $552,511 for the quarter primarily
due to the Company’s move to a new headquarters during the fourth
quarter of 2017. Lease expense on the new facility began in
January 2018 and total expense was $154,867 for the quarter.
The remaining increase relates to depreciation on furniture and
fixtures for the new facility and Hometown.
Amortization expense of the core deposit intangible from the
Hometown acquisition was $220,000 for the quarter. There was
no amortization during the prior year
quarter.Capital – At June 30, 2018, stockholders’
equity increased to $75.2 million compared to $74.9 million at
December 31, 2017. On a per common share basis, tangible book
value decreased to $15.73 at June 30, 2018 as compared to $17.10 as
of December 31, 2017. This reduction was due to the
acquisition of Hometown.From a regulatory capital standpoint, all
capital ratios for the Bank remain strong and above regulatory
requirements.
Non-Generally Accepted Accounting Principle (GAAP)
Financial Measures
In addition to the GAAP financial results presented in this
press release, the Company presents non-GAAP financial measures
discussed below. These non-GAAP measures are provided to
enhance investors’ overall understanding of the Company’s current
financial performance. Additionally, Company management
believes that this presentation enables meaningful comparison of
financial performance in various periods. However, the
non-GAAP financial results presented should not be considered a
substitute for results that are presented in a manner consistent
with GAAP. A limitation of the non-GAAP financial measures
presented is that the adjustments concern gains, losses or expenses
that the Company does expect to continue to recognize; the
adjustments of these items should not be construed as an inference
that these gains or expenses are unusual, infrequent or
non-recurring. Therefore, Company management believes that
both GAAP measures of its financial performance and the respective
non-GAAP measures should be considered together.
Operating IncomeOperating income is a non-GAAP financial measure
that adjusts net income for the following non-operating items:
- Gains (losses) on sales of available-for-sale securities
- Gains (losses) on foreclosed assets held for sale
- Provision for loan loss expense
- Provision (credit) for income taxes
- Merger costs
A reconciliation of the Company’s net income to its operating
income for the three and six months ended June 30, 2018 and 2017 is
set forth below.
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Quarter ended |
|
Six months ended |
|
|
|
June 30, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
|
|
|
(Dollar amounts are in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(343 |
) |
|
$ |
1,593 |
|
|
$ |
1,013 |
|
|
$ |
3,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Provision
(credit) for income taxes |
|
(454 |
) |
|
|
521 |
|
|
|
(160 |
) |
|
|
1,024 |
|
|
|
Income (loss) before
income taxes |
|
(797 |
) |
|
|
2,114 |
|
|
|
853 |
|
|
|
4,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
back/(subtract): |
|
|
|
|
|
|
|
|
|
Gain (loss) on
investment securities |
|
10 |
|
|
|
(62 |
) |
|
|
7 |
|
|
|
(62 |
) |
|
|
Net loss (gains)
on foreclosed assets held for sale |
|
(76 |
) |
|
|
30 |
|
|
|
(121 |
) |
|
|
(8 |
) |
|
|
Merger
costs |
|
3,192 |
|
|
|
- |
|
|
|
3,420 |
|
|
|
- |
|
|
|
Provision for
loan losses |
|
500 |
|
|
|
575 |
|
|
|
725 |
|
|
|
1,050 |
|
|
|
|
|
3,626 |
|
|
|
543 |
|
|
|
4,031 |
|
|
|
980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
2,829 |
|
|
$ |
2,657 |
|
|
$ |
4,884 |
|
|
$ |
5,026 |
|
|
|
|
|
|
|
|
|
|
|
|
About Guaranty Federal Bancshares,
Inc.Guaranty Federal Bancshares, Inc. (NASDAQ:GFED) has a
subsidiary corporation offering full banking services. The
principal subsidiary, Guaranty Bank, is headquartered in
Springfield, Missouri, and has 18 full-service branches in Greene,
Christian, Jasper Newton and McDonald Counties and a Loan
Production Office in Webster County. Guaranty Bank is a
member of the MoneyPass and TransFund ATM networks which provide
its customers surcharge free access to over 24,000 ATMs nationwide.
For more information visit the Guaranty Bank website:
www.gbankmo.com.
The Company may from time to time make written
or oral “forward-looking statements,” including statements
contained in the Company’s filings with the SEC, in its reports to
stockholders and in other communications by the Company, which are
made in good faith by the Company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipates,” “estimates,” “believes,” “expects,”
and similar expressions are intended to identify such
forward-looking statements but are not the exclusive means of
identifying such statements.
These forward-looking statements involve risks
and uncertainties, such as statements of the Company’s plans,
objectives, expectations, estimates and intentions, that are
subject to change based on various important factors (some of which
are beyond the Company’s control). The following factors, among
others, could cause the Company’s financial performance to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements:
- the strength of the United States economy in general and the
strength of the local economies in which we conduct
operations;
- the effects of, and changes in, trade, monetary and fiscal
policies and laws, including interest rate policies of the Federal
Reserve, inflation, interest rates, market and monetary
fluctuations;
- the timely development of and acceptance of new products and
services and the perceived overall value of these products and
services by users, including the features, pricing and quality
compared to competitors’ products and services;
- the willingness of users to substitute competitors’ products
and services for our products and services;
- our success in gaining regulatory approval of our products and
services, when required;
- the impact of changes in financial services laws and
regulations (including laws concerning taxes, banking, securities
and insurance);
- technological changes;
- the ability to successfully manage and integrate any future
acquisitions if and when our board of directors and management
conclude any such acquisitions are appropriate;
- changes in consumer spending and saving habits;
- our success at managing the risks resulting from these factors;
and
- other factors set forth in reports and other documents filed by
the Company with the SEC from time to time.
|
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|
|
Financial
Highlights: |
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
Six months ended |
|
|
Operating
Data: |
June 30, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
|
|
|
(Dollar amounts are in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
$ |
10,379 |
|
|
$ |
7,242 |
|
|
$ |
18,335 |
|
|
$ |
14,013 |
|
|
|
Total interest
expense |
|
2,407 |
|
|
|
1,352 |
|
|
|
4,332 |
|
|
|
2,526 |
|
|
|
Net interest
income |
|
7,972 |
|
|
|
5,890 |
|
|
|
14,003 |
|
|
|
11,487 |
|
|
|
Provision for loan
losses |
|
500 |
|
|
|
575 |
|
|
|
725 |
|
|
|
1,050 |
|
|
|
Net interest
income after |
|
|
|
|
|
|
|
|
|
provision for
loan losses |
|
7,472 |
|
|
|
5,315 |
|
|
|
13,278 |
|
|
|
10,437 |
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
Service
charges |
|
552 |
|
|
|
290 |
|
|
|
869 |
|
|
|
558 |
|
|
|
Gain on sale of
loans held for sale |
|
617 |
|
|
|
524 |
|
|
|
997 |
|
|
|
932 |
|
|
|
Gain on sale of
Small Business Administration loans |
|
225 |
|
|
|
125 |
|
|
|
396 |
|
|
|
255 |
|
|
|
Other
income |
|
560 |
|
|
|
428 |
|
|
|
1,011 |
|
|
|
851 |
|
|
|
|
|
1,954 |
|
|
|
1,367 |
|
|
|
3,273 |
|
|
|
2,596 |
|
|
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
4,102 |
|
|
|
2,935 |
|
|
|
7,275 |
|
|
|
5,792 |
|
|
|
Occupancy |
|
1,038 |
|
|
|
485 |
|
|
|
1,808 |
|
|
|
971 |
|
|
|
Merger
costs |
|
3,192 |
|
|
|
- |
|
|
|
3,420 |
|
|
|
- |
|
|
|
Amortization of
core deposit intangible |
|
220 |
|
|
|
- |
|
|
|
220 |
|
|
|
- |
|
|
|
Other
expense |
|
1,671 |
|
|
|
1,148 |
|
|
|
2,975 |
|
|
|
2,224 |
|
|
|
|
|
10,223 |
|
|
|
4,568 |
|
|
|
15,698 |
|
|
|
8,987 |
|
|
|
Income (loss) before
income taxes |
|
(797 |
) |
|
|
2,114 |
|
|
|
853 |
|
|
|
4,046 |
|
|
|
Provision (credit) for
income taxes |
|
(454 |
) |
|
|
521 |
|
|
|
(160 |
) |
|
|
1,024 |
|
|
|
Net income (loss)
available for common shareholders |
$ |
(343 |
) |
|
$ |
1,593 |
|
|
$ |
1,013 |
|
|
$ |
3,022 |
|
|
|
Net income (loss) per
common share-basic |
$ |
(0.08 |
) |
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
$ |
0.69 |
|
|
|
Net income (loss) per
common share-diluted |
$ |
(0.08 |
) |
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
-0.14 |
% |
|
|
0.85 |
% |
|
|
0.23 |
% |
|
|
0.83 |
% |
|
|
Annualized return on
average equity |
|
-1.48 |
% |
|
|
8.68 |
% |
|
|
2.42 |
% |
|
|
8.42 |
% |
|
|
Net interest
margin |
|
3.54 |
% |
|
|
3.34 |
% |
|
|
3.43 |
% |
|
|
3.34 |
% |
|
|
Efficiency ratio |
|
102.99 |
% |
|
|
62.95 |
% |
|
|
90.87 |
% |
|
|
63.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
Financial
Condition Data: |
|
|
June 30, 2018 |
|
December 31, 2017 |
|
|
|
|
Cash and cash
equivalents |
|
|
$ |
30,357 |
|
|
$ |
37,407 |
|
|
|
|
|
Investments |
|
|
|
89,581 |
|
|
|
81,495 |
|
|
|
|
|
Loans, net of allowance
for loan losses |
|
|
|
|
|
|
|
|
|
6/30/2018 -
$7,573; 12/31/2017 - $7,107 |
|
|
|
774,289 |
|
|
|
631,527 |
|
|
|
|
|
Goodwill |
|
|
|
2,615 |
|
|
|
- |
|
|
|
|
|
Core deposit
intangible |
|
|
|
3,300 |
|
|
|
- |
|
|
|
|
|
Premises and equipment,
net |
|
|
|
22,307 |
|
|
|
10,607 |
|
|
|
|
|
Bank owned life
insurance |
|
|
|
19,967 |
|
|
|
19,741 |
|
|
|
|
|
Other assets |
|
|
|
18,103 |
|
|
|
13,683 |
|
|
|
|
|
Total
assets |
|
|
$ |
960,519 |
|
|
$ |
794,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
$ |
764,772 |
|
|
$ |
607,364 |
|
|
|
|
|
Advances from
correspondent banks |
|
|
|
90,400 |
|
|
|
94,300 |
|
|
|
|
|
Subordinated
debentures |
|
|
|
21,805 |
|
|
|
15,465 |
|
|
|
|
|
Other borrowed
funds |
|
|
|
5,000 |
|
|
|
- |
|
|
|
|
|
Other liabilities |
|
|
|
3,294 |
|
|
|
2,439 |
|
|
|
|
|
Total
liabilities |
|
|
|
885,271 |
|
|
|
719,568 |
|
|
|
|
|
Stockholders'
equity |
|
|
|
75,248 |
|
|
|
74,892 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
|
$ |
960,519 |
|
|
$ |
794,460 |
|
|
|
|
|
Tangible common equity
to tangible assets ratio |
|
|
|
7.26 |
% |
|
|
9.43 |
% |
|
|
|
|
Tangible book value per
common share |
|
|
$ |
15.73 |
|
|
$ |
17.10 |
|
|
|
|
|
Nonperforming
assets |
|
|
$ |
13,609 |
|
|
$ |
10,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Net Interest Income and Margin: |
|
|
|
|
|
|
|
|
|
|
|
Three months ended 6/30/2018 |
|
Three months ended 6/30/2017 |
|
AverageBalance |
|
Interest |
|
Yield/ Cost |
|
AverageBalance |
|
Interest |
|
Yield/ Cost |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
797,034 |
|
$ |
9,819 |
|
|
4.94 |
% |
|
$ |
608,269 |
|
$ |
6,744 |
|
|
4.45 |
% |
Investment
securities |
|
88,755 |
|
|
528 |
|
|
2.39 |
% |
|
|
88,267 |
|
|
454 |
|
|
2.06 |
% |
Other
assets |
|
16,725 |
|
|
32 |
|
|
0.77 |
% |
|
|
10,289 |
|
|
44 |
|
|
1.72 |
% |
Total
interest-earning |
|
902,514 |
|
|
10,379 |
|
|
4.61 |
% |
|
|
706,825 |
|
|
7,242 |
|
|
4.11 |
% |
Noninterest-earning |
|
64,965 |
|
|
|
|
|
|
39,043 |
|
|
|
|
|
$ |
967,479 |
|
|
|
|
|
$ |
745,868 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
43,012 |
|
|
26 |
|
|
0.24 |
% |
|
$ |
29,509 |
|
|
14 |
|
|
0.19 |
% |
Transaction
accounts |
|
425,153 |
|
|
1,126 |
|
|
1.06 |
% |
|
|
340,975 |
|
|
459 |
|
|
0.54 |
% |
Certificates of
deposit |
|
211,246 |
|
|
568 |
|
|
1.08 |
% |
|
|
114,227 |
|
|
273 |
|
|
0.96 |
% |
FHLB
advances |
|
77,991 |
|
|
406 |
|
|
2.09 |
% |
|
|
104,255 |
|
|
450 |
|
|
1.73 |
% |
Other borrowed
funds |
|
1,109 |
|
|
4 |
|
|
0.00 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Subordinated
debentures |
|
21,651 |
|
|
277 |
|
|
5.13 |
% |
|
|
15,465 |
|
|
156 |
|
|
4.05 |
% |
Total
interest-bearing |
|
780,162 |
|
|
2,407 |
|
|
1.24 |
% |
|
|
604,431 |
|
|
1,352 |
|
|
0.90 |
% |
Noninterest-bearing |
|
94,344 |
|
|
|
|
|
|
68,342 |
|
|
|
|
Total
liabilities |
|
874,506 |
|
|
|
|
|
|
672,773 |
|
|
|
|
Stockholders’
equity |
|
92,973 |
|
|
|
|
|
|
73,095 |
|
|
|
|
|
$ |
967,479 |
|
|
|
|
|
$ |
745,868 |
|
|
|
|
Net earning
balance |
$ |
122,352 |
|
|
|
|
|
$ |
102,394 |
|
|
|
|
Earning yield
less costing rate |
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.21 |
% |
Net interest
income, and net yield spread |
|
|
|
|
|
|
|
|
|
|
|
on
interest earning assets |
|
|
$ |
7,972 |
|
|
3.54 |
% |
|
|
|
$ |
5,890 |
|
|
3.34 |
% |
Ratio of
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities |
|
|
|
116 |
% |
|
|
|
|
|
|
117 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranty Federal Bancshares,
Inc. |
|
Net Assets Acquired from
Hometown |
|
April 2, 2018 |
|
|
|
|
|
|
|
|
|
|
April 2, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Acquired from |
|
Fair Value |
|
Fair |
|
|
|
Hometown |
|
Adjustments |
|
Value |
|
Assets
Acquired |
(Dollar amounts are expressed in thousands) |
|
Cash and Due From
Banks |
|
$ |
7,083 |
|
|
$ |
- |
|
|
$ |
7,083 |
|
Investment
Securities |
|
|
7,521 |
|
|
|
- |
|
|
|
7,521 |
|
Loans |
|
|
150,390 |
|
|
|
(6,471 |
) |
|
|
143,919 |
|
Allowance for Loan
Losses |
|
|
(2,348 |
) |
|
|
2,348 |
|
|
|
- |
|
Net Loans |
|
|
148,042 |
|
|
|
(4,123 |
) |
|
|
143,919 |
|
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
9,268 |
|
|
|
798 |
|
|
|
10,066 |
|
Foreclosed Assets held
for sale |
|
|
1,647 |
|
|
|
(400 |
) |
|
|
1,247 |
|
Core Deposit
Intangible |
|
|
- |
|
|
|
3,520 |
|
|
|
3,520 |
|
Other Assets |
|
|
4,146 |
|
|
|
1,283 |
|
|
|
5,429 |
|
|
|
|
|
|
|
|
|
Total Assets Acquired |
|
$ |
177,707 |
|
|
$ |
1,078 |
|
|
$ |
178,785 |
|
|
|
|
|
|
|
|
|
Liabilities
Assumed |
|
|
|
|
|
|
|
Deposits |
|
|
161,001 |
|
|
|
247 |
|
|
|
161,248 |
|
Federal Home Loan Bank
advances |
|
|
2,000 |
|
|
|
- |
|
|
|
2,000 |
|
Securities Sold Under
Agreements to Repurchase |
|
|
2,159 |
|
|
|
- |
|
|
|
2,159 |
|
Other borrowings |
|
|
3,000 |
|
|
|
- |
|
|
|
3,000 |
|
Subordinated
debentures |
|
|
6,186 |
|
|
|
176 |
|
|
|
6,362 |
|
Other Liabilities |
|
|
2,003 |
|
|
|
- |
|
|
|
2,003 |
|
Total Liabilities
Assumed |
|
|
176,349 |
|
|
$ |
423 |
|
|
|
176,772 |
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
Common Stock |
|
|
231 |
|
|
|
(231 |
) |
|
|
- |
|
Capital Surplus |
|
|
18,936 |
|
|
|
(18,936 |
) |
|
|
- |
|
Retained Earnings |
|
|
(17,587 |
) |
|
|
17,587 |
|
|
|
- |
|
Accumulated Other
Comprehensive Loss |
|
|
(222 |
) |
|
|
222 |
|
|
|
- |
|
Treasury Stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Stockholders' Equity
Assumed |
|
|
1,358 |
|
|
$ |
(1,358 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity Assumed |
|
$ |
177,707 |
|
|
$ |
(935 |
) |
|
$ |
176,772 |
|
|
|
|
|
|
|
|
|
Net Assets Acquired |
|
|
|
|
|
$ |
2,013 |
|
Purchase Price |
|
|
|
|
|
|
4,628 |
|
Goodwill |
|
|
|
|
|
$ |
2,615 |
|
|
|
|
|
|
|
|
|
Contacts:
Shaun A. Burke, President and CEO or Carter M. Peters, CFO2144 E
Republic Road, Suite F200Springfield, MO
65804417-520-4333
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