Business Combination & Asset Purchase (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Schedule of Pro-forma Results

The following schedule includes pro-forma results for the years ended December 31, 2023, 2022 and 2021 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.

	2023		2022		2021
Summary of Operations
Net Interest Income - Before Provision for Credit Losses     and Unfunded*	$	81,397	$	90,754	$	84,749
Provision for Credit Losses and Unfunded*		1,682		4,513		3,445
Net Interest Income After Provision for Credit Losses     and Unfunded*		79,715		86,241		81,304
Noninterest Income		16,040		14,100		18,931
Noninterest Expense		67,193		58,105		58,300
Income Before Income Taxes		28,562		42,236		41,935
Income Taxes		5,609		8,141		8,397
Net Income	$	22,953	$	34,095	$	33,538
Basic and Diluted Earnings Per Share	$	1.68	$	2.51	$	2.48

*ASU 2016-13 adopted during the first quarter of 2023; therefore, 2022 and 2021 provision amounts reflect the incurred loss method.

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)
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
2028		-		47		73		861		981
Thereafter		-		-		-		646		646
Total	$	1,120	$	607	$	453	$	4,951	$	7,131

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)
2024	$	123
2025		123
2026		123
2027		48
2028		-
Thereafter		-
Total	$	417

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:

	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	798		$	-
Additions		6			856
Accretion		(232	)		(58	)
Reclassification from nonaccretable difference		-			-
Disposals		(6	)		-
Ending Balance	$	566		$	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 Changes in Accretable Yield or Income Expected to be Collected

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

	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	4,236		$	5,262
Additions		39			294
Accretion		(1,480	)		(1,318	)
Reclassification from nonaccretable difference		-			-
Disposals		-			(2	)
Ending Balance	$	2,795		$	4,236

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:

	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	470		$	645
Additions		-			1
Accretion		(176	)		(176	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	294		$	470

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:

	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	785		$	1,198
Additions		11			13
Accretion		(433	)		(426	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	363		$	785