Business Combinations (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Consideration Paid and Recognized Amounts of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the total consideration transferred as a part of the Citizens First acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction.



Consideration
Cash for Options and Fractional Shares	$	216
Cash Consideration	15,294
Equity Instruments	50,118

Fair Value of Total Consideration Transferred	$	65,628

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash	$	21,055
Interest-bearing Time Deposits with Banks	2,231
Securities	43,839
Loans	356,970
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost	2,065
Premises, Furniture & Equipment	10,772
Other Real Estate	—
Intangible Assets	4,547
Company Owned Life Insurance	8,796
Accrued Interest Receivable and Other Assets	3,863
Deposits - Non-interest Bearing	(52,521		)
Deposits - Interest Bearing	(318,966		)
FHLB Advances and Other Borrowings	(31,068		)
Accrued Interest Payable and Other Liabilities	(3,694		)

Total Identifiable Net Assets	$	47,889

Goodwill	$	17,739

Schedule of Unaudited Financial and Pro Forma Informations

The following table presents unaudited pro forma information as if the acquisition had occured on January 1, 2019 after giving effect to certain adjustments. The unaudited pro forma information for the three and six months ended June 30, 2019 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date.



	Unaudited Three Months Ended 6/30/2020		Unaudited Pro Forma Three Months Ended 6/30/2019
Net Interest Income	$	38,459	$	38,053
Non-interest Income	12,423		11,478
Total Revenue	50,882		49,531
Provision for Loan Losses Expense	5,900		1,150
Non-interest Expense	28,088		29,109
Income Before Income Taxes	16,894		19,272
Income Tax Expense	2,639		3,394
Net Income	$	14,255	$	15,878
Earnings Per Share and Diluted Earnings Per Share	$	0.54	$	0.60

The above unaudited financial information includes approximately $1,226 of net income and $3,959 of total revenue related to the operations of Citizens First during the three months ended June 30, 2020.



	Unaudited Six Months Ended 6/30/2020		Unaudited Pro Forma Six Months Ended 6/30/2019
Net Interest Income	$	74,715	$	76,192
Non-interest Income	26,504		23,981
Total Revenue	101,219		100,173
Provision for Loan Losses Expense	11,050		1,825
Non-interest Expense	58,416		59,532
Income Before Income Taxes	31,753		38,816
Income Tax Expense	5,026		6,439
Net Income	$	26,727	$	32,377
Earnings Per Share and Diluted Earnings Per Share	$	1.01	$	1.13

The above unaudited financial information includes approximately $2,530 of net income and $7,938 of total revenue related to the operations of Citizens First during the six months ended June 30, 2020.