Note 21 - Business Acquisition (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Notes Tables |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
(In Thousands, Except Per Share Data) | | | | | | | | |
Purchase Price Consideration in Common Stock | | | | | | | | |
Middlefield Banc Corp. shares issued | | | 2,561,513 | | | | | |
Value assigned to Middlefield Banc Corp. common shares | | $ | 28.60 | | | | | |
Purchase price assigned to Liberty common shares exchanged for | | | | | | | 73,259 | |
Purchase Price Consideration in Cash | | | | | | | | |
Cash paid in lieu of fractional shares | | | | | | | 6 | |
Total Purchase Price | | | | | | | 73,265 | |
Net Assets Acquired: | | | | | | | | |
Liberty shareholders equity | | $ | 49,041 | | | | | |
Adjustments to reflect assets acquired at fair value: | | | | | | | | |
Loans | | | | | | | | |
Allowance for loan loss | | | 4,497 | | | | | |
Loans - interest rate | | | 646 | | | | | |
Loans - general credit | | | (3,433 | ) | | | | |
Core deposit intangible | | | 6,669 | | | | | |
Investments | | | (1,461 | ) | | | | |
Mortgage servicing rights | | | 830 | | | | | |
Other | | | 94 | | | | | |
Adjustments to reflect liabilities acquired at fair value: | | | | | | | | |
Time deposits | | | (228 | ) | | | | |
Deferred taxes | | | (54 | ) | | | | |
Total net assets acquired | | | | | | | 56,601 | |
Goodwill resulting from merger | | | | | | $ | 16,664 | |
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
(In Thousands) | | | | | | | | |
Total purchase price | | | | | | $ | 73,265 | |
Assets (liabilities) acquired: | | | | | | | | |
Net assets acquired: | | | | | | | | |
Cash | | | 18,406 | | | | | |
Loans and loans held for sale | | | 312,618 | | | | | |
Investments | | | 57,907 | | | | | |
Premises and equipment, net | | | 6,087 | | | | | |
Accrued interest receivable | | | 1,563 | | | | | |
Bank-owned life insurance | | | 16,290 | | | | | |
Core deposit intangible | | | 6,670 | | | | | |
Mortgage servicing rights | | | 1,680 | | | | | |
Other assets | | | 3,111 | | | | | |
Time deposits | | | (69,278 | ) | | | | |
Non-time deposits | | | (294,684 | ) | | | | |
Accrued interest payable | | | (246 | ) | | | | |
Other liabilities | | | (3,523 | ) | | | | |
Total net assets acquired | | | | | | | 56,601 | |
Goodwill resulting from the Liberty merger | | | | | | $ | 16,664 | |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
(Dollar amounts in thousands) | |
Remaining 2023 | | $ | 1,059 | |
2024 | | | 1,031 | |
2025 | | | 998 | |
2026 | | | 968 | |
2027 | | | 691 | |
Thereafter | | | 2,954 | |
Total | | $ | 7,701 | |
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Business Acquisition, Pro Forma Information [Table Text Block] |
| | Actual from Acquisition Date Through December 31, 2022 | |
| | (in thousands) | |
| | | | |
Net interest income | | $ | 1,366 | |
Noninterest income | | $ | 117 | |
Net income | | $ | 867 | |
| | Pro Formas | |
| | Twelve-month period ended December 31, | |
| | 2022 | | | 2021 | |
| | (in thousands, except per share data) | |
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Net interest income | | $ | 63,277 | | | $ | 63,770 | |
Noninterest income | | | 10,151 | | | | 9,779 | |
Net income | | $ | 21,142 | | | $ | 16,297 | |
Pro forma earnings per share: | | | | | | | | |
Basic | | $ | 3.51 | | | $ | 1.86 | |
Diluted | | $ | 3.50 | | | $ | 1.86 | |
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Liberty Bancshares Inc [Member] |
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Notes Tables |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
(In Thousands) | | | | |
Remaining 2023 | | $ | 763 | |
2024 | | | 750 | |
2025 | | | 734 | |
2026 | | | 714 | |
2027 | | | 691 | |
Thereafter | | | 2,954 | |
| | $ | 6,606 | |
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