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Business Combination & Asset Purchase | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Business Combination & Asset Purchase | Note 2 – Business Combination & Asset Purchase On October 1, 2021, the Company acquired Perpetual Federal Savings Bank, (PFSB), a community bank with one full-service office in Urbana, Ohio. Shareholders of PFSB elected to receive either 1.7766 shares of FMAO stock or $41.20 per share in cash for each PFSB share owned, subject to adjustment based upon 1,833,999 shares of FMAO to be issued in the merger. PFSB had 2,470,032 shares outstanding on October 1, 2021. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on October 1, 2021 was $22.40. Total consideration for the acquisition was approximately $100.3 million consisting of $59.2 million in cash and $41.1 million in stock. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce costs through economies of scale. In 2021, the Company has incurred additional third-party acquisition-related costs of $1.7 million. These expenses are comprised of employee benefits of $131.5 thousand, data processing costs of $444.9 thousand, consulting fees of $636.8 thousand and other general and administrative expense of $488.3 thousand in the Company’s consolidated statement of income for the year ended December 31, 2021. Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $100.3 million, $668 thousand has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $25.2 million, resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Perpetual Federal Savings Bank. Of that total amount, none of the purchase price is deductible for tax purposes. The following table summarizes the consideration paid for Perpetual Federal Savings Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Cash |  | $ | 59,234 |
Common Shares (1,833,845 shares) |  |  | 41,078 |
Total |  | $ | 100,312 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 44,975 |
Federal funds sold |  |  | 1,672 |
Interest-bearing time deposits |  |  | 6,250 |
Other securities, at cost |  |  | 2,794 |
Loans, net |  |  | 334,661 |
Premises and equipment |  |  | 615 |
Goodwill |  |  | 25,220 |
Other assets |  |  | 3,975 |
Total Assets Purchased |  | $ | 420,162 |
Liabilities |  |  |  |
Deposits |  |  |  |
Noninterest bearing |  | $ | 2,018 |
Interest bearing |  |  | 309,090 |
Total deposits |  |  | 311,108 |
Federal Home Loan Bank (FHLB) advances |  |  | 6,218 |
Accrued expenses and other liabilities |  |  | 2,524 |
Total Liabilities Assumed |  | $ | 319,850 |
The fair value of the assets acquired includes loans with a fair value of $334.7 million. The gross principal and contractual interest due under the contracts is $403.3 million, of which $5.6 million is expected to be uncollectible. The loans have a weighted average life of 52 months. The fair value of building and land included in premises and equipment was written down by $4 thousand with $297 thousand attributable to the buildings and is being amortized over the useful life of 16.2 years. The fair value for certificates of deposit incorporates a valuation amount of $3.9 million which is being accreted over 1.6 years. The fair value of Federal Home Loan Bank (FHLB) advances included a valuation amount of $218 thousand which is being accreted over 2.6 years. The Company acquired loans in the acquisition that had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it was probable that all contractually required payments would not be collected were considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date included information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans were accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which included estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans was not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporated the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in loans, net on the balance sheet at December 31, 2021. The amounts of loans at October 1, 2021 and December 31, 2021 are as follows:
|  | 2021 |
|  | (In Thousands) |
Balance - October 1, 2021 |  |  |  |
Consumer Real Estate |  | $ | 608 |
Agricultural Real Estate |  |  | 118 |
Commercial Real Estate |  |  | 234 |
Consumer |  |  | 5 |
Carrying amount, net of fair value adjustment of $237 |  | $ | 728 |
Balance - December 31, 2021 |  |  |  |
Consumer Real Estate |  | $ | 581 |
Agricultural Real Estate |  |  | 114 |
Commercial Real Estate |  |  | 5 |
Consumer |  |  | - |
Carrying amount, net of fair value adjustment of $190 |  | $ | 510 |
Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:
|  | (In Thousands) |
Contractually required payments receivable at acquisition |  |  |  |
Consumer Real Estate |  | $ | 962 |
Agricultural Real Estate |  |  | 146 |
Commercial Real Estate |  |  | 293 |
Consumer |  |  | 6 |
Total required payments receivable |  | $ | 1,407 |
Cash flows expected to be collected at acquisition |  | $ | 728 |
Basis in acquired loans at acquisition |  | $ | 965 |
During the fourth quarter 2021, two commercial real estate and one consumer purchased credit impaired loans were paid off in full. The associated discount originally recognized at acquisition of $47.4 thousand was included in the loan interest income in the Company’s consolidated statement of income for the year ended December 31, 2021. The balance of the fair value adjustment for loans acquired and accounted for under this guidance (ASC 310-30) was $189.8 thousand at December 31, 2021 and $237.2 thousand at October 1, 2021. Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2021 |
|  | (In Thousands) |
Beginning Balance |  | $ | - |
Additions |  |  | 5,592 |
Accretion |  |  | (330 | )
Reclassification from nonaccretable difference |  |  | - |
Disposals |  |  | - |
Ending Balance |  | $ | 5,262 |
On April 30, 2021, the Company acquired Ossian Financial Services, Inc., (OSFI), the bank holding company for Ossian State Bank, a community bank based in Ossian, Indiana. Ossian State Bank operated two full-service offices in the northeast Indiana communities of Ossian and Bluffton. Shareholders of OSFI received $67.71 in cash for each share. OSFI had 295,388 shares outstanding on April 30, 2021. Total consideration for the acquisition was approximately $20.0 million in cash. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce costs through economies of scale. In 2020, the Company incurred $42.5 thousand of third-party acquisition-related costs. The expenses recognized in 2020 related to other general and administration expenses of $30.0 thousand and consulting fees of $12.5 thousand. These acquisition expenses were included in the Company’s 2020 consolidated statement of income. In 2021, the Company has incurred additional third-party acquisition-related costs of $2.2 million. These expenses are comprised of employee benefits of $694.1 thousand, data processing costs of $938.9 thousand, consulting fees of $255.2 thousand, ATM expense of $13.8 thousand and other general and administrative expense of $255.0 thousand in the Company’s consolidated statement of income for the year ended December 31, 2021. Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $20.0 million, $980.2 thousand has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $7.9 million which resulted from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Ossian State Bank and is deductible for tax purposes over 15 years. The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Cash |  | $ | 20,001 |
Total |  | $ | 20,001 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 20,229 |
Interest-bearing time deposits |  |  | 20,226 |
Securities - available-for-sale |  |  | 30,243 |
Other securities, at cost |  |  | 281 |
Loans, net |  |  | 52,403 |
Premises and equipment |  |  | 494 |
Goodwill |  |  | 7,874 |
Other assets |  |  | 5,308 |
Total Assets Purchased |  | $ | 137,058 |
Liabilities |  |  |  |
Deposits |  |  |  |
Noninterest bearing |  | $ | 34,509 |
Interest bearing |  |  | 81,535 |
Total deposits |  |  | 116,044 |
Accrued expenses and other liabilities |  |  | 1,013 |
Total Liabilities Assumed |  | $ | 117,057 |
The fair value of the assets acquired includes loans with a fair value of $52.4 million. The gross principal and contractual interest due under the contracts is $63.7 million, of which $1.1 million is expected to be uncollectible. The loans have a weighted average life of 52 months. The fair value of building and land included in premises and equipment was written down by $596 thousand with $244 thousand attributable to the buildings and is being accreted over the useful life of 39 years. The fair value for certificates of deposit incorporates a valuation amount of $59 thousand which is being accreted over 1.4 years. The Company acquired loans in the acquisition that had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it was probable that all contractually required payments would not be collected were considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date included information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans were accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which included estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans was not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporated the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in loans, net on the balance sheet at December 31, 2021. The amounts of loans at April 30, 2021 and December 31, 2021 are as follows:
|  | 2021 |
|  | (In Thousands) |
Balance - April 30, 2021 |  |  |  |
Consumer Real Estate |  | $ | 24 |
Agricultural Real Estate |  |  | 981 |
Commercial Real Estate |  |  | 315 |
Commercial and Industrial |  |  | 314 |
Carrying amount, net of fair value adjustment of $325 |  | $ | 1,309 |
Balance - December 31, 2021 |  |  |  |
Consumer Real Estate |  | $ | 22 |
Agricultural Real Estate |  |  | - |
Commercial Real Estate |  |  | 222 |
Commercial and Industrial |  |  | 285 |
Carrying amount, net of fair value adjustment of $321 |  | $ | 208 |
Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:
|  | (In Thousands) |
Contractually required payments receivable at acquisition |  |  |  |
Consumer Real Estate |  | $ | 28 |
Agricultural Real Estate |  |  | 1,142 |
Commercial Real Estate |  |  | 527 |
Commercial and Industrial |  |  | 360 |
Total required payments receivable |  | $ | 2,057 |
Cash flows expected to be collected at acquisition |  | $ | 1,309 |
Basis in acquired loans at acquisition |  | $ | 1,634 |
During the third quarter 2021, two agricultural real purchased credit impaired loans were paid off in full. The associated discount originally recognized at acquisition of $4.2 thousand was included in the loan interest income in the Company’s consolidated statement of income for the year ended December 31, 2021. The balance of the fair value adjustment for loans acquired and accounted for under this guidance (ASC 310-30) was $320.6 thousand at December 31, 2021 and $324.8 thousand at April 30, 2021. Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2021 |
|  | (In Thousands) |
Beginning Balance |  | $ | - |
Additions |  |  | 762 |
Accretion |  |  | (117 | )
Reclassification from nonaccretable difference |  |  | - |
Disposals |  |  | - |
Ending Balance |  | $ | 645 |
On January 1, 2019, the Company acquired Limberlost Bancshares, Inc. (“Limberlost”), the bank holding company for Bank of Geneva, a community bank based in Geneva, Indiana. Bank of Geneva operated six full-service offices in the northeast Indiana communities of Geneva, Berne, Decatur, Monroe, Portland and Monroeville. Shareholders of Limberlost received 1,830 shares of FMAO common stock and $8,465.00 in cash for each share. Limberlost had 1,000 shares outstanding on January 1, 2019. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on January 1, 2019 was $38.49. Total consideration for the acquisition was approximately $78.9 million consisting of $8.5 million in cash and $70.4 million in stock. As a result of the acquisition, the Company has had an opportunity to increase its deposit base and reduce transaction costs. The Company has also reduced costs through economies of scale. In 2018, the Company incurred $742.1 thousand of third-party acquisition-related costs. The largest portion of the expenses recognized in 2018 related to consulting fees of $340 thousand, other general and administration expenses of $331.5 thousand and data processing expenses of $58.6 thousand. These three categories of expense accounted for 98.4% of the total acquisition expenses impacting the 2018 financial statements of the Company. In 2019, the Company has incurred additional third-party acquisition-related costs of $1.28 million. These expenses are comprised of data processing of $867.6 thousand, employee benefits of $163.0 thousand, ATM expense of $31.4 thousand, consulting fees of $19.3 thousand and other general and administrative expense of $199.8 thousand in the Company’s consolidated statement of income for the year ended December 31, 2019. Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $78.9 million, $3.9 million has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $43.3 million resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Bank of Geneva. Of that total amount, none of the purchase price is deductible for tax purposes. The following table summarizes the consideration paid for Bank of Geneva and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Cash |  | $ | 8,465 |
Common Shares (1,830,000 shares) |  |  | 70,437 |
Total |  | $ | 78,902 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 6,376 |
Securities - available-for-sale |  |  | 17,494 |
Other securities, at cost |  |  | 2,347 |
Loans, net |  |  | 257,183 |
Premises and equipment |  |  | 2,538 |
Goodwill |  |  | 43,266 |
Other assets |  |  | 7,176 |
Total Assets Purchased |  | $ | 336,380 |
Liabilities |  |  |  |
Deposits |  |  |  |
Noninterest bearing |  | $ | 37,822 |
Interest bearing |  |  | 168,312 |
Total deposits |  |  | 206,134 |
Federal Home Loan Bank (FHLB) advances |  |  | 48,196 |
Accrued expenses and other liabilities |  |  | 3,148 |
Total Liabilities Assumed |  | $ | 257,478 |
The fair value of the assets acquired included loans with a fair value of $257.2 million. The gross principal and contractual interest due under the contracts were $359.2 million, of which $4.7 million was expected to be uncollectible. The loans had a weighted average life of 70 months. The fair value of building and land included in premises and equipment was written down by $1.2 million and is being amortized based on the remaining life of each building. The combined average remaining life was 16.75 years. The fair value for certificates of deposit incorporated a valuation amount of $0.5 million which was amortized over 1.5 years. The fair value of Federal Home Loan Bank (FHLB) advances included a valuation amount of $1.3 million which is being amortized over 2.3 years. The Company acquired loans in the acquisition that had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it was probable that all contractually required payments would not be collected were considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date included information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans were accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which included estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans was not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporated the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in loans, net on the balance sheet at December 31, 2020. The amounts of loans at January 1, 2019, December 31, 2019 and December 31, 2020 are as follows:
|  | 2019 |
|  | (In Thousands) |
Balance - January 1, 2019 |  |  |  |
Commercial |  | $ | 4,094 |
Consumer RE |  |  | 231 |
Consumer |  |  | 71 |
Carrying amount, net of fair value adjustment of $2,118 |  | $ | 2,278 |
Balance - December 31, 2019 |  |  |  |
Commercial |  | $ | 106 |
Consumer RE |  |  | - |
Consumer |  |  | - |
Carrying amount, net of fair value adjustment of $62 |  | $ | 44 |
|  | 2020 |
|  | (In Thousands) |
Balance - December 31, 2020 |  |  |  |
Commercial |  | $ | - |
Consumer RE |  |  | - |
Consumer |  |  | - |
Carrying amount, net of fair value adjustment of $0 |  | $ | - |
Loans acquired during 2019 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:
|  | (In Thousands) |
Contractually required payments receivable at acquisition |  |  |  |
Commercial |  | $ | 4,215 |
Consumer RE |  |  | 261 |
Consumer |  |  | 94 |
Total required payments receivable |  | $ | 4,570 |
Cash flows expected to be collected at acquisition |  | $ | 2,788 |
Basis in acquired loans at acquisition |  | $ | 4,396 |
During the second quarter 2019, two commercial purchased credit-impaired loans were paid off in full after the customer was able to secure financing at another financial institution. The associated discount originally recognized at acquisition of $1.985 million was included in loan interest income in the Company’s consolidated statement of income for the year ended December 31, 2019. The balance of the fair value adjustment for loans acquired and accounted for under this guidance (ASC 310-30) was $0 at December 31, 2020, $62 thousand at December 31, 2019, and $2.118 million on January 1, 2019. Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2021 |  | 2020 |
|  | (In Thousands) |  | (In Thousands) |
Beginning Balance |  | $ | 1,653 |  | $ | 2,021 |
Additions |  |  | 17 |  |  | 3 |
Accretion |  |  | (431 | ) |  | (427 | )
Reclassification from nonaccretable difference |  |  | - |  |  | 62 |
Disposals |  |  | (41 | ) |  | (6 | )
Ending Balance |  | $ | 1,198 |  | $ | 1,653 |
The results of operations of Bank of Geneva, Ossian State Bank and Perpetual Federal Savings Bank have been included in the Company’s consolidated financial statements since the acquisition dates of January 1, 2019, April 30, 2021 and October 1, 2021, respectively. The following schedule includes pro-forma results for the years ended December 31, 2021, 2020 and 2019 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.
|  | 2021 |  |  | 2020 |  |  | 2019 |
Summary of Operations |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income - Before Provision for Loan Losses |  | $ | 78,064 |  |  | $ | 74,378 |  |  | $ | 70,313 |
Provision for Loan Losses |  |  | 3,445 |  |  |  | 6,893 |  |  |  | 1,400 |
Net Interest Income After Provision for Loan Losses |  |  | 74,619 |  |  |  | 67,485 |  |  |  | 68,913 |
Noninterest Income |  |  | 18,548 |  |  |  | 17,282 |  |  |  | 12,350 |
Noninterest Expense |  |  | 54,540 |  |  |  | 51,890 |  |  |  | 48,686 |
Income Before Income Taxes |  |  | 38,627 |  |  |  | 32,877 |  |  |  | 32,577 |
Income Taxes |  |  | 7,712 |  |  |  | 6,475 |  |  |  | 6,696 |
Net Income |  | $ | 30,915 |  |  | $ | 26,402 |  |  | $ | 25,881 |
Basic and Diluted Earnings Per Share |  | $ | 2.65 |  |  | $ | 2.28 |  |  | $ | 2.24 |
The pro-forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the branches acquired and the related income tax effects. The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. As mentioned previously, the acquisition of Bank of Geneva resulted in the recognition of $3.9 million in core deposit intangible assets, the acquisition of Ossian State Bank resulted in the recognition of $980.2 thousand in core deposits assets and the acquisition of Perpetual Federal Savings Bank resulted in the recognition of $668 thousand in core deposits which are all being amortized over its remaining economic useful life of 7 years on a straight line basis. Core deposit intangible is included in other assets on the consolidated balance sheets. The amortization expense for the years ended December 31, 2021, 2020 and 2019 was $677, $720, and $727 thousand, respectively. Included in the 2020 and 2019 amortization expense was $160 and $167 thousand, respectively, related to the purchase of the Custar office on December 13, 2013. Future amortization expense of core deposit intangible assets is as follows:
|  | Geneva |  | Ossian |  | Perpetual |  | Total |
|  | (In thousands) |
2022 |  | $ | 560 |  | $ | 140 |  | $ | 95 |  | $ | 795 |
2023 |  |  | 560 |  |  | 140 |  |  | 95 |  |  | 795 |
2024 |  |  | 560 |  |  | 140 |  |  | 95 |  |  | 795 |
2025 |  |  | 560 |  |  | 140 |  |  | 95 |  |  | 795 |
2026 |  |  | - |  |  | 140 |  |  | 95 |  |  | 235 |
Thereafter |  |  | - |  |  | 187 |  |  | 169 |  |  | 356 |
Total |  | $ | 2,240 |  | $ | 887 |  | $ | 644 |  | $ | 3,771 |
[Remainder of this page intentionally left blank.] On November 16, 2020, FM Investment Services, a division of the Bank, purchased the assets and clients of Adams County Financial Resources (ACFR), a full-service registered investment advisory firm located in Geneva, Indiana. ACFR was founded in 1994 by R. Lee Flueckiger and provides clients and their families with financial confidence through personalized investment planning and services. As of November 30, 2020, ACFR had approximately $83 million of assets under management and over 450 clients. Total consideration for the purchase was $825 thousand which consisted of 40,049 shares of stock. Under the acquisition method of accounting, the total purchase is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $825 thousand, $800 thousand has been allocated to customer list intangible, included in other assets, to be amortized over 6.5 years on a straight line basis. The following table summarizes the consideration paid for ACFR and the amounts of the assets acquired:
Fair Value of Consideration Transferred |  |  |  |
|  | (In Thousands) |
Common Shares (40,049 shares) |  | $ | 825 |
Total |  | $ | 825 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Premises and equipment |  | $ | 25 |
Customer list intangible |  |  | 800 |
Total Assets Purchased |  | $ | 825 |
The customer list intangible amortization expense for the years ended December 31, 2021 and 2020 was $123 and $16 thousand, respectively. Future amortization expense of customer list intangible is as follows:
|  | (In thousands) |
2022 |  | $ | 123 |
2023 |  |  | 123 |
2024 |  |  | 123 |
2025 |  |  | 123 |
2026 |  |  | 123 |
Thereafter |  |  | 47 |
Total |  | $ | 662 |

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