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Business Combination & Asset Purchase (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Acquisition [Line Items] |
Schedule of Pro-forma Results | 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 |
Schedule of Future Amortization of Core Deposit Intangible Assets | 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 |
Customer Lists [Member] |
Business Acquisition [Line Items] |
Schedule of Future Amortization of Core Deposit Intangible Assets | 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 |
Perpetual Federal Savings Bank [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | 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 |
Summary of Carrying Amount of Loans | 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 |
Summary of Loans Acquired and Contractually Required Payments Receivable | 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 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | 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 |
Ossian Financial Services, Inc. [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | 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 |
Summary of Carrying Amount of Loans | 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 |
Summary of Loans Acquired and Contractually Required Payments Receivable | 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 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | 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 |
Limberlost Bancshares, Inc. [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | 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 |
Summary of Carrying Amount of Loans | 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 |  | $ | - |
Summary of Loans Acquired and Contractually Required Payments Receivable | 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 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | 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 |
Adams County Financial Resources [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | 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 |

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