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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

Pro Forma Result of Comparable Prior Reporting Period

The following schedule includes pro-forma results for the three and six months ended June 30, 2017 and 2016 as if the CNB, LaPorte Bancorp and Kosciusko acquisitions had occurred as of the beginning of the comparable prior reporting periods.

		June 30				June 30				June 30				June 30
		2017				2016				2017				2016
Summary of Operations:
Net Interest Income		$	27,198			$	25,876			$	52,766			$	51,373
Provision for Loan Losses			330				232				660				764
Net Interest Income after Provision for Loan Losses			26,868			$	25,644				52,106				50,609
Non-interest Income			8,212				13,020				15,771				21,493
Non-Interest Expense			22,488				27,067				44,009				51,975
Income before Income Taxes			12,592				11,597				23,868				20,127
Income Tax Expense			3,520				1,028				6,572				3,413
Net Income			9,072				10,569				17,296				16,714
Net Income Available to Common Shareholders		$	9,072			$	10,569			$	17,296			$	16,672
Basic Earnings Per Share		$	0.41			$	0.58			$	0.78			$	0.92
Diluted Earnings Per Share		$	0.41			$	0.58			$	0.77			$	0.92

LaPorte Bancorp 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 LaPorte Bancorp acquisition is detailed in the following table.

ASSETS						LIABILITIES
Cash and due from banks		$	154,849			Deposits
Investment securities, available for sale			23,779			Non-interest bearing		$	66,733
						NOW accounts			99,346
Commercial			153,750			Savings and money market			117,688
Residential mortgage			42,603			Certificates of deposits			87,605
Consumer			16,801			Total deposits			371,372
Mortgage Warehousing			99,752
Total loans			312,906
						Borrowings			64,793
Premises and equipment, net			6,022			Interest payable			178
FHLB stock			4,029			Subordinated debt			4,504
Goodwill			20,993			Other liabilities			10,056
Core deposit intangible			2,514
Interest receivable			844
Cash value of life insurance			15,267
Other assets			8,334
Total assets purchased		$	549,537			Total liabilities assumed		$	450,903
Common shares issued		$	60,306
Cash paid			38,328
Total estimated purchase price		$	98,634

Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30

The following table details an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 as of July 18, 2016.

Contractually required principal and interest at acquisition		$	12,545
Contractual cash flows not expected to be collected (nonaccretable differences)			4,492
Expected cash flows at acquisition			8,053
Interest component of expected cash flows (accretable discount)			1,258
Fair value of acquired loans accounted for under ASC 310-30		$	6,795

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. The final valuation numbers were received in September 2016 which changed the goodwill estimate from $6.9 million to $6.4 million.

ASSETS						LIABILITIES
Cash and due from banks		$	38,950			Deposits
Investment securities, available for sale			1,191			Non-interest bearing		$	27,871
						NOW accounts			35,213
Commercial			70,006			Savings and money market			26,953
Residential mortgage			26,244			Certificates of deposits			32,771
Consumer			6,319			Total deposits			122,808
Total loans			102,569
						Borrowings			9,038
Premises and equipment, net			1,466			Interest payable			55
FRB and FHLB stock			582			Other liabilities			989
Goodwill			6,443
Core deposit intangible			526
Interest receivable			636
Cash value of life insurance			2,745
Other assets			765
Total assets purchased		$	155,873			Total liabilities assumed		$	132,890
Common shares issued		$	14,470
Cash paid			8,513
Total estimated purchase price		$	22,983

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 June 1, 2016.

Contractually required principal and interest at acquisition		$	2,682
Contractual cash flows not expected to be collected (nonaccretable differences)			25
Expected cash flows at acquisition			2,657
Interest component of expected cash flows (accretable discount)			634
Fair value of acquired loans accounted for under ASC 310-30		$	2,023

Central National Bank & Trust [Member]

Schedule of Purchase Price of Assets Acquired and Liabilities Assumed

Based on management’s preliminary valuation of the fair value of the 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 CNB acquisition is allocated as follows:

ASSETS						LIABILITIES
Cash and due from banks		$	27,860			Deposits
Investment securities, available for sale			16,393			Non-interest bearing		$	24,079
						NOW accounts			9,038
Commercial			2,267			Savings and money market			13,829
Residential mortgage			6,624			Certificates of deposits			3,342
Consumer			1,579			Total deposits			50,288
Total loans			10,470
						Borrowings			459
Premises and equipment, net			444			Interest payable			7
FHLB stock			50			Other liabilities			154
Goodwill			609
Core deposit intangible			190
Interest receivable			154
Other assets			49
Total assets purchased		$	56,219			Total liabilities assumed		$	50,908
Cash paid			5,311
Total estimated purchase price		$	5,311

X

- 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)
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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
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