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v3.23.3

Business Combination and Asset Purchase (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Acquisition [Line Items] |
Schedule of Pro-forma Results | The following schedule includes pro-forma results for the three and nine months ended September 30, 2023 and 2022 as if the Peoples Federal Savings and Loan Bank acquisition had occurred as of the beginning of the comparable prior reporting period. The acquisitions of Ossian State Bank and Perpetual Federal Savings Bank are already included as they had occurred prior to that period.
|  | (in thousands of dollars, except per share data) |  |  | (in thousands of dollars, except per share data) |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Summary of Operations |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income - Before Provision for Credit Losses |  | $ | 19,662 |  |  | $ | 24,060 |  |  | $ | 61,462 |  |  | $ | 68,123 |
Provision for Credit Losses |  |  | 384 |  |  |  | 1,637 |  |  |  | 1,215 |  |  |  | 3,758 |
Net Interest Income After Provision for Credit Losses |  |  | 19,278 |  |  |  | 22,423 |  |  |  | 60,247 |  |  |  | 64,365 |
Noninterest Income |  |  | 3,664 |  |  |  | 2,037 |  |  |  | 12,113 |  |  |  | 9,958 |
Noninterest Expense |  |  | 17,044 |  |  |  | 14,235 |  |  |  | 50,697 |  |  |  | 43,074 |
Income Before Income Taxes |  |  | 5,898 |  |  |  | 10,225 |  |  |  | 21,663 |  |  |  | 31,249 |
Income Taxes |  |  | 1,121 |  |  |  | 1,942 |  |  |  | 4,272 |  |  |  | 6,035 |
Net Income |  | $ | 4,777 |  |  | $ | 8,283 |  |  | $ | 17,391 |  |  | $ | 25,214 |
Basic and Diluted Earnings Per Share |  | $ | 0.35 |  |  | $ | 0.61 |  |  | $ | 1.28 |  |  | $ | 1.86 |
Schedule of Annual Amortization of Core Deposit Intangible Assets | Annual amortization of core deposit intangible assets is as follows:
|  | (In Thousands) |
|  | Geneva |  |  | Ossian |  |  | Perpetual |  |  | Peoples |  |  | Total |
2023 |  | $ | 560 |  |  | $ | 140 |  |  | $ | 95 |  |  | $ | 861 |  |  | $ | 1,656 |
2024 |  |  | 560 |  |  |  | 140 |  |  |  | 95 |  |  |  | 861 |  |  |  | 1,656 |
2025 |  |  | 560 |  |  |  | 140 |  |  |  | 95 |  |  |  | 861 |  |  |  | 1,656 |
2026 |  |  | - |  |  |  | 140 |  |  |  | 95 |  |  |  | 861 |  |  |  | 1,096 |
2027 |  |  | - |  |  |  | 140 |  |  |  | 95 |  |  |  | 861 |  |  |  | 1,096 |
Thereafter |  |  | - |  |  |  | 47 |  |  |  | 74 |  |  |  | 1,506 |  |  |  | 1,627 |
|  | $ | 1,680 |  |  | $ | 747 |  |  | $ | 549 |  |  | $ | 5,811 |  |  |  | 8,787 |
Customer Lists [Member] |
Business Acquisition [Line Items] |
Schedule of Annual Amortization of Core Deposit Intangible Assets | Annual amortization expense of customer list intangible is as follows:
|  | (In Thousands) |
|  | Adams County Financial Resources |
2023 |  | $ | 123 |
2024 |  |  | 123 |
2025 |  |  | 123 |
2026 |  |  | 123 |
2027 |  |  | 47 |
Thereafter |  |  | - |
|  | $ | 539 |
Peoples Federal Savings and Loan [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 Peoples Federal Savings and Loan Association and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |
|  | (In Thousands) |
Cash |  | $ | 9,806 |
Common Shares |  |  | 13,446 |
Treasury stock repurchased (125 shares) |  |  | (3 | )
Total |  | $ | 23,249 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Assets |  |  |
Cash and cash equivalents |  | $ | 18,881 |
Other securities, at cost |  |  | 1,271 |
Loans, net |  |  | 101,755 |
Premises and equipment |  |  | 1,906 |
Goodwill |  |  | 5,924 |
Other assets |  |  | 12,081 |
Total Assets Purchased |  | $ | 141,818 |
Liabilities |  |  |
Deposits |  |  |
Noninterest bearing |  | $ | 7,139 |
Interest bearing |  |  | 104,719 |
Total deposits |  |  | 111,858 |
Federal Home Loan Bank (FHLB) advances |  |  | 896 |
Accrued expenses and other liabilities |  |  | 5,815 |
Total Liabilities Assumed |  | $ | 118,569 |
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:
|  | Three Months Ended September 30, 2023 |  |  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 680 |  |  | $ | - |  |  | $ | 798 |  |  | $ | - |
Additions |  |  | 2 |  |  |  | - |  |  |  | 6 |  |  |  | - |
Accretion |  |  | (58 | ) |  |  | - |  |  |  | (174 | ) |  |  | - |
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | - |
Ending Balance |  | $ | 624 |  |  | $ | - |  |  | $ | 624 |  |  | $ | - |
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 |  |  | 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 Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | Three Months Ended September 30, 2023 |  |  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 3,572 |  |  | $ | 4,710 |  |  | $ | 4,236 |  |  | $ | 5,262 |
Additions |  |  | 14 |  |  |  | 28 |  |  |  | 39 |  |  |  | 125 |
Accretion |  |  | (456 | ) |  |  | (330 | ) |  |  | (1,145 | ) |  |  | (979 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | (2 | )
Ending Balance |  | $ | 3,130 |  |  | $ | 4,406 |  |  | $ | 3,130 |  |  | $ | 4,406 |
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 Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | Three Months Ended September 30, 2023 |  |  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 382 |  |  | $ | 557 |  |  | $ | 470 |  |  | $ | 645 |
Additions |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Accretion |  |  | (44 | ) |  |  | (44 | ) |  |  | (132 | ) |  |  | (132 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance |  | $ | 338 |  |  | $ | 514 |  |  | $ | 338 |  |  | $ | 514 |
Limberlost Bancshares Inc [Member] |
Business Acquisition [Line Items] |
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:
|  | Three Months Ended September 30, 2023 |  |  | Three Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |
|  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 575 |  |  | $ | 994 |  |  | $ | 785 |  |  | $ | 1,198 |
Additions |  |  | 6 |  |  |  | 2 |  |  |  | 11 |  |  |  | 10 |
Accretion |  |  | (109 | ) |  |  | (107 | ) |  |  | (324 | ) |  |  | (319 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance |  | $ | 472 |  |  | $ | 889 |  |  | $ | 472 |  |  | $ | 889 |

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