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Acquisition | 12 Months Ended
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Dec. 31, 2024
Acquisition |
Acquisition | Note 2: Acquisition ​ On December 6, 2024, the Company completed its purchase of five Illinois branch locations in the southeast Chicago metropolitan statistical area from First Merchants Bank, the wholly owned subsidiary of First Merchants Corporation. This acquisition brought increased scale as the Company expanded its current branch network in the Chicago market. At closing, the Company recorded $24.8 million of assets, including $7.1 million of loans and $3.9 million of premises and equipment, and $268.0 million of deposits, net of fair value adjustments. ​ The Company recorded the estimate of fair value based on initial valuations available at December 6, 2024. Estimated fair values are subject to adjustment for up to one year after December 6, 2024. Based on current valuations, $13.3 million of core deposit intangible was recorded. Goodwill of $6.8 million was ultimately recorded from the branch purchase transaction. None of the $6.8 million of goodwill recorded is expected to be deductible for income tax purposes. ​ The following table provides the purchase price allocation as of the December 6, 2024 branch purchase transaction with First Merchants Bank, including the assets acquired and liabilities assumed at their estimated fair values as of that date, as recorded by the Company. ​
​ | ​ | ​ | ​
First Merchants Transaction Summary
As of Date of Transaction
​ | ​ | ​ | ​
​ | ​ | December 6, 2024
Assets | ​ | ​ | ​
Cash and due from banks | ​ | $ | 419
Loans, net of purchase accounting adjustments | ​ | ​ | 7,149
Premises and equipment | ​ | ​ | 3,934
Core deposit intangible | ​ | ​ | 13,254
Other assets | ​ | ​ | 19
Total assets | ​ | $ | 24,775
​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​
Noninterest bearing demand | ​ | $ | 26,497
Savings, NOW and money market | ​ | ​ | 157,126
Time | ​ | ​ | 84,373
Total deposits | ​ | ​ | 267,996
Other liabilities | ​ | ​ | 585
Total liabilities | ​ | ​ | 268,581
​ | ​ | ​ | ​
Cash consideration received | ​ | ​ | (237,023)
Total liabilities assumed and cash consideration received for transaction | ​ | $ | 31,558
Goodwill | ​ | $ | 6,783
​ Expenses related to the First Merchants Bank branch transaction totaled $1.9 million during the year ended December 31, 2024, and are reported within noninterest expense based on the line items impacted, which are primarily salaries and employee benefits, occupancy, furniture and equipment, computer and data processing, legal fees, and other expense in the Consolidated Statements of Income. ​ All acquired loans are considered non-PCD as none of the loans met the definition of a purchase credit deteriorated loan.

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