Business Combination and Asset Purchase (Tables)

6 Months Ended

Jun. 30, 2023

Business Acquisition [Line Items]

Schedule of Pro-forma Results

The following schedule includes pro-forma results for the three and six months ended June 30, 2023 and 2022 as if the Peoples Federal Savings and Loan Bank acquisition had occurred as of the beginning of the comparable prior reporting period. The acquisitions of Ossian State Bank and Perpetual Federal Savings Bank are already included as they had occurred prior to that period.

	(in thousands of dollars, except per share data)				(in thousands of dollars, except per share data)
	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Summary of Operations
Net Interest Income - Before Provision    for Credit Losses	$	20,118	$	23,097	$	41,800	$	44,063
Provision for Credit Losses		14		1,628		831		2,121
Net Interest Income After Provision    for Credit Losses		20,104		21,469		40,969		41,942
Noninterest Income		4,272		3,438		8,449		7,921
Noninterest Expense		16,756		14,344		33,653		28,839
Income Before Income Taxes		7,620		10,563		15,765		21,024
Income Taxes		1,549		2,071		3,151		4,093
Net Income	$	6,071	$	8,492	$	12,614	$	16,931
Basic and Diluted Earnings Per Share	$	0.45	$	0.63	$	0.93	$	1.25

Schedule of Annual Amortization of Core Deposit Intangible Assets

Annual amortization of core deposit intangible assets is as follows:

	(In Thousands)
	Geneva		Ossian		Perpetual		Peoples		Total
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
2027		-		140		95		861		1,096
Thereafter		-		47		74		1,506		1,627
	$	1,680	$	747	$	549	$	5,811		8,787

Customer Lists [Member]

Business Acquisition [Line Items]

Schedule of Annual Amortization of Core Deposit Intangible Assets

Annual amortization expense of customer list intangible is as follows:

	(In Thousands)
	Adams County Financial Resources
2023	$	123
2024		123
2025		123
2026		123
2027		47
Thereafter		-
	$	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 Association 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		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:

	Three Months Ended  June 30, 2023			Three Months Ended  June 30, 2022		Six Months Ended  June 30, 2023			Six Months Ended  June 30, 2022
	(In Thousands)			(In Thousands)		(In Thousands)			(In Thousands)
Beginning Balance	$	741		$	-	$	798		$	-
Additions		3			-		4			-
Accretion		(58	)		-		(116	)		-
Reclassification from    nonaccretable    difference		-			-		-			-
Disposals		(6	)		-		(6	)		-
Ending Balance	$	680		$	-	$	680		$	-

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		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 Changes in Accretable Yield or Income Expected to be Collected

Changes in accretable yield, or income expected to be collected, are as follows:

	Three Months Ended  June 30, 2023			Three Months Ended  June 30, 2022			Six Months Ended  June 30, 2023			Six Months Ended  June 30, 2022
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	3,906		$	5,004		$	4,236		$	5,262
Additions		11			33			25			97
Accretion		(345	)		(327	)		(689	)		(649	)
Reclassification from    nonaccretable    difference		-			-			-			-
Disposals		-			-			-			-
Ending Balance	$	3,572		$	4,710		$	3,572		$	4,710

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 Changes in Accretable Yield or Income Expected to be Collected

Changes in accretable yield, or income expected to be collected, are as follows:

	Three Months Ended  June 30, 2023			Three Months Ended  June 30, 2022			Six Months Ended  June 30, 2023			Six Months Ended  June 30, 2022
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	426		$	601		$	470		$	645
Additions		-			-			-			-
Accretion		(44	)		(44	)		(88	)		(88	)
Reclassification from    nonaccretable    difference		-			-			-			-
Disposals		-			-			-			-
Ending Balance	$	382		$	557		$	382		$	557

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, are as follows:

	Three Months Ended  June 30, 2023			Three Months Ended  June 30, 2022			Six Months Ended  June 30, 2023			Six Months Ended  June 30, 2022
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	681		$	1,097		$	785		$	1,198
Additions		2			3			5			8
Accretion		(108	)		(106	)		(215	)		(212	)
Reclassification from    nonaccretable    difference		-			-			-			-
Disposals		-			-			-			-
Ending Balance	$	575		$	994		$	575		$	994