ACQUISITION

9 Months Ended

Sep. 30, 2015

ACQUISITION

ACQUISITION

NOTE 12 — ACQUISITION

In August, 2015, the Company completed its purchase of five Old National Bank branches located in Batesville, Brownstown, Richmond, and Portland, Indiana and Union City, Ohio. As of the date of acquisition, the Company acquired $37 million in loans, $99 million in deposits, and $1 million in property. Goodwill of $2.5 million and a core deposit intangible of $1.2 million were also recorded. $57 million of cash was received at purchase. The Company incurred $617 of expenses related to the acquisition of these branches.  The core deposit intangible asset is being amortized over 10 years. Goodwill and the core deposit intangible will be deducted for tax purposes over 15 years.