XML 49 R32.htm IDEA: XBRL DOCUMENT

Business Combination & Asset Purchase (Tables)

12 Months Ended

Dec. 31, 2021

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