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Business Combinations, Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2020
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 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 |  | (3,694) |
Total Identifiable Net Assets |  | $ | 47,889 |
Goodwill |  | $ | 17,739 |
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 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 |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the periods ended December 31, 2020, 2019, and 2018, were classified as follows:
|  | 2020 |  | 2019 |  | 2018
Beginning of Year |  | $ | 121,306 |  |  | $ | 103,681 |  |  | $ | 54,058 |
Acquired Goodwill |  | 650 |  |  | 17,625 |  |  | 49,623 |
Impairment |  | — |  |  | — |  |  | — |
End of Year |  | $ | 121,956 |  |  | $ | 121,306 |  |  | $ | 103,681 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets Acquired intangible assets were as follows as of year end:
|  | 2020
|  | Gross Amount |  | Accumulated Amortization
Core Banking |  |  |  |
Core Deposit Intangible |  | $ | 25,780 |  |  | $ | (18,619) |
Branch Acquisition Intangible |  | 257 |  |  | (257) |
Insurance |  |  |  |
Customer List |  | 5,408 |  |  | (5,318) |
Total |  | $ | 31,445 |  |  | $ | (24,194) |
|  | 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) |
Schedule of Estimated Amortization Expense of Intangibles | Estimated amortization expense for each of the next five years is as follows:
2021 |  | $ | 2,745 |
2022 |  | 1,990 |
2023 |  | 1,337 |
2024 |  | 751 |
2025 |  | 337 |
Schedule of Unaudited Pro Forma Financial Information | The following table presents unaudited pro forma information as if the acquisition had occured on January 1, 2018 after giving effect to certain adjustments. The unaudited pro forma information for the years ended December 31, 2019 and 2018 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. 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 |

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