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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2016
Peoples Bancorp Inc [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows:
ASSETS |  |  |  |
Cash and due from banks |  | $ | 205,054 |
Investment securities, held to maturity |  |  | 2,038 |
Commercial |  |  | 67,435 |
Residential mortgage |  |  | 137,331 |
Consumer |  |  | 19,593 |
Total loans |  |  | 224,359 |
Premises and equipment, net |  |  | 5,524 |
FRB and FHLB stock |  |  | 2,743 |
Goodwill |  |  | 21,424 |
Core deposit intangible |  |  | 4,394 |
Interest receivable |  |  | 1,279 |
Cash value of life insurance |  |  | 13,898 |
Other assets |  |  | 4,364 |
Total assets purchased |  | $ | 485,077 |
Common shares issued |  | $ | 55,506 |
Cash paid |  |  | 22,641 |
Total estimated purchase price |  | $ | 78,147 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 28,251 |
NOW accounts |  |  | 65,771 |
Savings and money market |  |  | 125,176 |
Certificates of deposits |  |  | 131,889 |
Total deposits |  |  | 351,087 |
Borrowings |  |  | 48,884 |
Interest payable |  |  | 21 |
Other liabilities |  |  | 6,938 |
Total liabilities assumed |  | $ | 406,930 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015.
Contractually required principal and interest at acquisition |  | $ | 5,730 |
Contractual cash flows not expected to be collected (nonaccretable differences) |  |  | 715 |
Expected cash flows at acquisition |  |  | 5,015 |
Interest component of expected cash flows (accretable discount) |  |  | 647 |
Fair value of acquired loans accounted for under ASC 310-30 |  | $ | 4,368 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro forma results for the periods ended June 30, 2016 and 2015 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30 |  |  | June 30 |  |  | June 30 |  |  | June 30 |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Summary of Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 20,869 |  |  | $ | 20,829 |  |  | $ | 40,643 |  |  | $ | 40,690 |
Provision for Loan Losses |  |  | 232 |  |  |  | 1,936 |  |  |  | 764 |  |  |  | 2,580 |
Net Interest Income after Provision for Loan Losses |  |  | 20,637 |  |  |  | 18,893 |  |  |  | 39,879 |  |  |  | 38,110 |
Non-interest Income |  |  | 9,869 |  |  |  | 8,086 |  |  |  | 17,733 |  |  |  | 16,145 |
Non-Interest Expense |  |  | 21,555 |  |  |  | 19,852 |  |  |  | 41,302 |  |  |  | 39,014 |
Income before Income Taxes |  |  | 8,951 |  |  |  | 7,127 |  |  |  | 16,310 |  |  |  | 15,241 |
Income Tax Expense |  |  | 2,625 |  |  |  | 1,779 |  |  |  | 4,603 |  |  |  | 3,791 |
Net Income |  |  | 6,326 |  |  |  | 5,348 |  |  |  | 11,707 |  |  |  | 11,450 |
Net Income Available to Common Shareholders |  | $ | 6,326 |  |  | $ | 5,317 |  |  | $ | 11,665 |  |  | $ | 11,387 |
Basic Earnings Per Share |  | $ | 0.52 |  |  | $ | 0.46 |  |  | $ | 0.97 |  |  | $ | 0.99 |
Diluted Earnings Per Share |  | $ | 0.52 |  |  | $ | 0.45 |  |  | $ | 0.96 |  |  | $ | 0.96 |
Kosciusko Financial Inc [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation prospectively. If any adjustments are made to the preliminary assumptions (provisional amounts), disclosures will be made in the notes to the financial statements of the amounts recorded in the current period earnings by line item that have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date.
ASSETS |  |  |  |
Cash and due from banks |  | $ | 38,950 |
Investment securities, held to maturity |  |  | 1,191 |
Commercial |  |  | 67,310 |
Residential mortgage |  |  | 26,244 |
Consumer |  |  | 6,319 |
Total loans |  |  | 99,873 |
Premises and equipment, net |  |  | 1,466 |
FRB and FHLB stock |  |  | 582 |
Goodwill |  |  | 6,858 |
Core deposit intangible |  |  | 1,867 |
Interest receivable |  |  | 636 |
Cash value of life insurance |  |  | 2,745 |
Other assets |  |  | 1,245 |
Total assets purchased |  | $ | 155,413 |
Common shares issued |  | $ | 14,068 |
Cash paid |  |  | 8,513 |
Total estimated purchase price |  | $ | 22,581 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 28,549 |
NOW accounts |  |  | 35,213 |
Savings and money market |  |  | 26,953 |
Certificates of deposits |  |  | 32,771 |
Total deposits |  |  | 123,486 |
Borrowings |  |  | 8,303 |
Interest payable |  |  | 55 |
Other liabilities |  |  | 988 |
Total liabilities assumed |  | $ | 132,832 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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