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Business Combinations, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations, Goodwill and Intangible Assets [Abstract]

Schedule of Total Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the total cash received as part of the branch acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction.

Total Cash Received from First Financial		$	41,826
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash		$	756
Loans		116,305
Premises, Furniture & Equipment		5,666
Intangible Assets		3,475
Accrued Interest Receivable and Other Assets		780
Deposits - Non-interest Bearing		(39,607		)
Deposits - Interest Bearing		(136,096		)
Accrued Interest Payable and Other Liabilities		(70		)
Total Identifiable Net Assets		$	(48,791	)
Goodwill		$	6,965

The following table summarizes the fair value of the total consideration transferred as a part of the First Security acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction.

Consideration
Cash for Options and Fractional Shares		$	132
Cash Consideration		31,039
Equity Instruments		64,898
Fair Value of Total Consideration Transferred		$	96,069
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash		$	13,605
Interest-bearing Time Deposits with Banks		250
Securities		109,580
Loans		390,106
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost		2,607
Premises, Furniture & Equipment		11,149
Other Real Estate		468
Intangible Assets		6,139
Company Owned Life Insurance		13,135
Accrued Interest Receivable and Other Assets		6,126
Deposits - Non-interest Bearing		(66,112		)
Deposits - Interest Bearing		(358,285		)
FHLB Advances and Other Borrowings		(73,275		)
Accrued Interest Payable and Other Liabilities		(2,618		)
Total Identifiable Net Assets		$	52,875
Goodwill		$	43,194

The following table summarizes the fair value of the total consideration transferred as a part of the Citizens First acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction.

Consideration
Cash for Options and Fractional Shares		$	216
Cash Consideration		15,294
Equity Instruments		50,118
Fair Value of Total Consideration Transferred		$	65,628
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash		$	21,055
Interest-bearing Time Deposits with Banks		2,231
Securities		43,839
Loans		356,970
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost		2,065
Premises, Furniture & Equipment		10,772
Other Real Estate		—
Intangible Assets		4,547
Company Owned Life Insurance		8,796
Accrued Interest Receivable and Other Assets		3,863
Deposits - Non-interest Bearing		(52,521		)
Deposits - Interest Bearing		(318,966		)
FHLB Advances and Other Borrowings		(31,068		)
Accrued Interest Payable and Other Liabilities		(3,044		)
Total Identifiable Net Assets		$	48,539
Goodwill		$	17,089

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date.

		Unaudited Pro Forma Year Ended 12/31/2019				Unaudited Pro Forma Year Ended 12/31/2018
Net Interest Income		$	155,439			$	134,129
Non-interest Income		46,857				40,678
Total Revenue		202,296				174,807
Provision for Loan Losses Expense		5,648				2,070
Non-interest Expense		116,083				107,995
Income Before Income Taxes		80,565				64,742
Income Tax Expense		14,358				11,281
Net Income		$	66,207			$	53,461
Earnings Per Share and Diluted Earnings Per Share		$	2.48			$	2.13

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the periods ended December 31, 2019, 2018, and 2017, were classified as follows:

		2019				2018				2017
Beginning of Year		$	103,681			$	54,058			$	54,058
Acquired Goodwill		17,625				49,623				—
Impairment		—				—				—
End of Year		$	121,306			$	103,681			$	54,058

Schedule of Acquired Intangible Assets

Acquired Intangible Assets

Acquired intangible assets were as follows as of year end:		2019
		Gross Amount				Accumulated Amortization
Core Banking
Core Deposit Intangible		$	25,780			$	(15,110	)
Branch Acquisition Intangible		257				(257		)
Insurance
Customer List		5,408				(5,288		)
Total		$	31,445			$	(20,655	)

 

Acquired intangible assets were as follows as of year end:		2018
		Gross Amount				Accumulated Amortization
Core Banking
Core Deposit Intangible		$	21,231			$	(11,418	)
Branch Acquisition Intangible		257				(257		)
Insurance
Customer List		5,408				(5,259		)
Total		$	26,896			$	(16,934	)

Schedule of Estimated Amortization Expense of Intangibles

Estimated amortization expense for each of the next five years is as follows:

2020		$	3,539
2021		2,745
2022		1,990
2023		1,337
2024		751

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Business Combinations Goodwill And Intangible Assets [Abstract]

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of acquired indefinite-lived intangible assets. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. Indefinite-lived assets are assets that are not subject to amortization. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total.

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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