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Business Combination & Asset Purchase (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Acquisition [Line Items] |
Schedule of Pro-forma Results | The following table presents supplemental unaudited pro-forma information for the year ended December 31, 2022 as if the acquisition occurred on January 1, 2022. The pro-forma is not necessarily indicative of the results that would have occurred had the acquisition been consummated as of this date, nor is it intended to be a projection of future results.
|  | 2022 |
Summary of Operations |  |  |
Net Interest Income - Before Provision for Credit Losses and Unfunded* |  | $ | 90,754 |
Provision for Credit Losses and Unfunded* |  |  | 4,513 |
Net Interest Income After Provision for Credit Losses and Unfunded* |  |  | 86,241 |
Noninterest Income |  |  | 14,100 |
Noninterest Expense |  |  | 58,105 |
Income Before Income Taxes |  |  | 42,236 |
Income Taxes |  |  | 8,141 |
Net Income |  | $ | 34,095 |
Basic and Diluted Earnings Per Share |  | $ | 2.51 |
Schedule of Future Amortization of Core Deposit Intangible Assets | Future amortization expense of core deposit intangible assets is as follows:
|  | Geneva |  | Ossian |  | Perpetual |  | Peoples |  | Total |
|  | (In Thousands) |
2025 |  | $ | 560 |  | $ | 140 |  | $ | 95 |  | $ | 861 |  | $ | 1,656 |
2026 |  |  | - |  |  | 140 |  |  | 95 |  |  | 861 |  |  | 1,096 |
2027 |  |  | - |  |  | 140 |  |  | 95 |  |  | 861 |  |  | 1,096 |
2028 |  |  | - |  |  | 47 |  |  | 73 |  |  | 861 |  |  | 981 |
2029 |  |  | - |  |  | - |  |  | - |  |  | 646 |  |  | 646 |
Total |  | $ | 560 |  | $ | 467 |  | $ | 358 |  | $ | 4,090 |  | $ | 5,475 |
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) |
2025 |  | $ | 123 |
2026 |  |  | 123 |
2027 |  |  | 48 |
Total |  | $ | 294 |
Peoples Federal Savings and Loan [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:
|  | 2024 |  |  | 2023 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 566 |  |  | $ | 798 |
Additions |  |  | - |  |  |  | 6 |
Accretion |  |  | (231 | ) |  |  | (232 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | (6 | )
Ending Balance |  | $ | 335 |  |  | $ | 566 |
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 Peoples Federal Savings and Loan Bank 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 (500,426 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:
|  | 2024 |  |  | 2023 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 2,795 |  |  | $ | 4,236 |
Additions |  |  | - |  |  |  | 39 |
Accretion |  |  | (1,342 | ) |  |  | (1,480 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | - |
Ending Balance |  | $ | 1,453 |  |  | $ | 2,795 |
Ossian Financial Services, 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:
|  | 2024 |  |  | 2023 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 294 |  |  | $ | 470 |
Additions |  |  | - |  |  |  | - |
Accretion |  |  | (175 | ) |  |  | (176 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | (12 | ) |  |  | - |
Ending Balance |  | $ | 107 |  |  | $ | 294 |
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, for the acquisition of Bank of Geneva completed in 2019, are as follows:
|  | 2024 |  | 2023 |
|  | (In Thousands) |  | (In Thousands) |
Beginning Balance |  | $ | 363 |  | $ | 785 |
Additions |  |  | 1 |  |  | 11 |
Accretion |  |  | (364 | ) |  | (433 | )
Reclassification from nonaccretable difference |  |  | - |  |  | - |
Disposals |  |  | - |  |  | - |
Ending Balance |  | $ | - |  | $ | 363 |

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