Business Combinations, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations, Goodwill and Intangible Assets [Abstract]

Schedule of Total Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the total consideration transferred as a part of the CUB 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	$	942
Cash Consideration	49,863
Equity Instruments	111,914
Fair Value of Total Consideration Transferred	$	162,719
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash	$	20,244
Federal Funds Sold and Other Short-term Investments	238,325
Interest-bearing Time Deposits with Banks	250
Securities	102,233
Loans	678,142
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost	10,078
Premises, Furniture & Equipment	19,805
Other Real Estate	40
Intangible Assets	7,572
Company Owned Life Insurance	12,881
Accrued Interest Receivable and Other Assets	18,309
Deposits - Non-interest Bearing	(237,472)
Deposits - Interest Bearing	(696,750)
FHLB Advances and Other Borrowings	(60,837)
Accrued Interest Payable and Other Liabilities	(8,697)
Total Identifiable Net Assets	$	104,123
Goodwill	$	58,596

The acquisition offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded region.

Consideration
Cash for Stock Options, 401K Shares and Fractional Shares	$	23,102
Equity Instruments	320,007
Fair Value of Total Consideration Transferred	$	343,109

Schedule of Unaudited Pro Forma Financial Information

The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2021 after giving effect to certain adjustments. The unaudited pro forma information for the year ended December 30, 2022 and 2021 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 Pro Forma Year Ended 12/31/2022
Net Interest Income	$	200,584
Non-interest Income	59,133
Total Revenue	259,717
Provision for Credit Losses	50
Non-interest Expense	141,868
Income Before Income Taxes	117,799
Income Tax Expense	21,858
Net Income	$	95,941
Earnings Per Share and Diluted Earnings Per Share	$	3.26

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the periods ended December 31, 2024, 2023, and 2022, were classified as follows:

	2024		2023		2022
Beginning of Year	$	180,357	$	180,357	$	121,761
Acquired Goodwill	—		—		58,596
Divested Goodwill	(1,332)		—		—
Impairment	—		—		—
End of Year	$	179,025	$	180,357	$	180,357

Schedule of Acquired Intangible Assets

Acquired Intangible Assets

Acquired intangible assets were as follows as of year end:

	2024
	Gross Amount		Accumulated Amortization
Core Banking
Core Deposit Intangible	$	33,247	$	(29,843)
Branch Acquisition Intangible	257		(257)
Insurance
Customer List	—		—
Total	$	33,504	$	(30,100)

	2023
	Gross Amount		Accumulated Amortization
Core Banking
Core Deposit Intangible	$	33,247	$	(27,811)
Branch Acquisition Intangible	257		(257)
Insurance
Customer List	5,408		(5,408)
Total	$	38,912	$	(33,476)

Schedule of Estimated Amortization Expense of Intangibles

Estimated amortization expense for each of the next five years is as follows:

2025	$	1,394
2026	916
2027	593
2028	361
2029	138