Business Combination & Asset Purchase (Tables)

12 Months Ended

Dec. 31, 2022

Business Acquisition [Line Items]

Schedule of Pro-forma Results

The following schedule includes pro-forma results for the years ended December 31, 2022, 2021 and 2020 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.

	2022		2021		2020
Summary of Operations
Net Interest Income - Before Provision for Loan Losses	$	90,290	$	84,362	$	81,636
Provision for Loan Losses		4,513		3,445		6,901
Net Interest Income After Provision for Loan Losses		85,777		80,917		74,735
Noninterest Income		14,099		18,931		17,668
Noninterest Expense		57,426		57,622		55,765
Income Before Income Taxes		42,450		42,226		36,638
Income Taxes		8,185		8,458		7,242
Net Income	$	34,265	$	33,768	$	29,396
Basic and Diluted Earnings Per Share	$	2.59	$	2.57	$	2.24

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)
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
2026		-		140		95		861		1,096
Thereafter		-		47		74		1,506		1,627
Total	$	1,680	$	747	$	549	$	5,811	$	8,787

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)
2023	$	123
2024		123
2025		123
2026		123
2027		47
Thereafter		-
Total	$	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 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:

	2022
	(In Thousands)
Beginning Balance
Additions		856
Accretion		(58	)
Reclassification from nonaccretable difference		-
Disposals		-
Ending Balance	$	798

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 (1,833,845 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 Carrying Amount of Loans

The carrying amount of those loans is included in loans, net on the balance sheet at December 31, 2021. The amounts of loans at October 1, 2021, December 31, 2021 and December 31, 2022 are as follows:

	2021
	(In Thousands)
Balance - October 1, 2021
Consumer Real Estate	$	608
Agricultural Real Estate		118
Commercial Real Estate		234
Consumer		5
Carrying amount, net of fair value adjustment of $237	$	728
Balance - December 31, 2021
Consumer Real Estate	$	581
Agricultural Real Estate		114
Commercial Real Estate		5
Consumer		-
Carrying amount, net of fair value adjustment of $190	$	510
	2022
	(In Thousands)
Balance - December 31, 2022
Consumer Real Estate	$	288
Agricultural Real Estate		107
Commercial Real Estate		-
Consumer		-
Carrying amount, net of fair value adjustment of $128	$	267

Summary of Loans Acquired and Contractually Required Payments Receivable

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:

	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	962
Agricultural Real Estate		146
Commercial Real Estate		293
Consumer		6
Total required payments receivable	$	1,407
Cash flows expected to be collected at acquisition	$	728
Basis in acquired loans at acquisition	$	965

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:

	2022			2021
	(In Thousands)			(In Thousands)
Beginning Balance	$	5,262		$	-
Additions		294			5,592
Accretion		(1,318	)		(330	)
Reclassification from nonaccretable difference		-			-
Disposals		(2	)		-
Ending Balance	$	4,236		$	5,262

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 Carrying Amount of Loans

The carrying amount of those loans is included in loans, net on the balance sheet at December 31, 2021. The amounts of loans at April 30, 2021, December 31, 2021 and December 31, 2022 are as follows:

	2021
	(In Thousands)
Balance - April 30, 2021
Consumer Real Estate	$	24
Agricultural Real Estate		981
Commercial Real Estate		315
Commercial and Industrial		314
Carrying amount, net of fair value adjustment of $325	$	1,309
Balance - December 31, 2021
Consumer Real Estate	$	22
Agricultural Real Estate		-
Commercial Real Estate		222
Commercial and Industrial		285
Carrying amount, net of fair value adjustment of $321	$	208
	2022
	(In Thousands)
Balance - December 31, 2022
Consumer Real Estate	$	19
Agricultural Real Estate		-
Commercial Real Estate		-
Commercial and Industrial		-
Carrying amount, net of fair value adjustment of $10	$	9

Summary of Loans Acquired and Contractually Required Payments Receivable

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:

	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	28
Agricultural Real Estate		1,142
Commercial Real Estate		527
Commercial and Industrial		360
Total required payments receivable	$	2,057
Cash flows expected to be collected at acquisition	$	1,309
Basis in acquired loans at acquisition	$	1,634

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:

	2022			2021
	(In Thousands)			(In Thousands)
Beginning Balance	$	645		$	-
Additions		1			762
Accretion		(176	)		(117	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	470		$	645

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:

	2022			2021
	(In Thousands)			(In Thousands)
Beginning Balance	$	1,198		$	1,653
Additions		13			17
Accretion		(426	)		(431	)
Reclassification from nonaccretable difference		-			-
Disposals		-			(41	)
Ending Balance	$	785		$	1,198

Adams County Financial Resources [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 ACFR and the amounts of the assets acquired:

Fair Value of Consideration Transferred
	(In Thousands)
Common Shares (40,049 shares)	$	825
Total	$	825
Recognized amounts of identifiable assets acquired and liabilities assumed
Assets
Premises and equipment	$	25
Customer list intangible		800
Total Assets Purchased	$	825