Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Schedule of Estimated Amortization Expense

As of December 31, 2022, the estimated future amortization expense for the core deposit intangible is as follows:

	Core deposit intangibles
2023	$	739
2024		684
2025		604
2026		523
2027		443
Thereafter		1,006
	$	3,999

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

	MSRs		Core deposit intangibles		Total
2024	$	170	$	1,489	$	1,659
2025		169		1,311		1,480
2026		167		1,193		1,360
2027		163		1,071		1,234
2028		155		782		937
Thereafter		2,194		644		2,838
	$	3,018	$	6,490	$	9,508

Summary of Financial Information

The following table presents financial information for the former Comunibanc Corp. included in the Consolidated Statements of Operations from the date of acquisition through December 31, 2022.

	Actual From Acquisition Date Through December 31, 2022 (in thousands)
Net interest income after provision for loan losses	$	3,428
Noninterest income		159
Net income		1,719

Summary of Pro Forma Information

The following table presents pro forma information for the twelve-month periods ended December 31, 2022, 2021 and 2020 as if the acquisition of Comunibanc Corp. had occurred on January 1, 2020. This table has been prepared for comparative purposes only and is not indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition.

	Pro Formas (unaudited) Twelve Months ended December 31,
	2022		2021		2020
Net interest income after provision for loan losses	$	113,689	$	103,583	$	88,293
Noninterest income		29,451		32,768		29,870
Net income		39,095		42,482		34,374
Pro forma earnings per share:
Basic	$	2.42	$	2.59	$	2.01
Diluted	$	2.42	$	2.59	$	2.01

Summary of Estimated Fair Values of the Assets Acquired and Liabilities

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Comunibanc Corp. Core deposit intangibles will be amortized over ten years using an accelerated method. Goodwill will not be amortized, but instead will be evaluated for impairment.

Cash paid				$	24,968
Common shares issued (984,723 shares)					21,122
Total				$	46,090
Net assets acquired:
Cash and due from financial institutions	$	3,098
Securities available for sale		120,399
Time deposits		742
Loans, net		169,202
Other securities		1,553
Premises and equipment		4,665
Accrued interest receivable		670
Core deposit intangible		4,426
Bank owned life insurance		5,918
Other assets		3,767
Noninterest-bearing deposits		(122,642	)
Interest-bearing deposits		(148,552	)
Other borrowings		(21,706	)
Other liabilities		(1,659	)
					19,881
Goodwill resulting from Comunibanc Corp. acquisition				$	26,209

Summary of Acquired and Accounted for in Accordance With ASC 310-30

The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:

	At December 31, 2022
	Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30)
	(In Thousands)
Outstanding balance	$	4,768
Carrying amount		4,121

Vision Financial Group [Member]

Business Acquisition [Line Items]

Summary of Financial Information

The following table presents financial information for VFG included in the Consolidated Statements of Operations from the date of acquisition through December 31, 2022.

	Actual From Acquisition Date Through December 31, 2022 (in thousands)
Net interest income after provision for loan losses	$	403
Noninterest income		3,926
Net loss		(992	)

Summary of Estimated Fair Values of the Assets Acquired and Liabilities

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for VFG. Goodwill will not be amortized, but instead will be evaluated for impairment.

Cash paid				$	36,044
Common shares issued (250,145 shares)					5,250
Common shares issued (contingent consideration) (250,148 shares)					5,250
Total				$	46,544
Net assets acquired:
Cash and due from financial institutions	$	6,271
Time Deposits		80
Loans, net		61,418
Premises and equipment		35,039
Other assets		1,409
Other borrowings		(58,142	)
Other liabilities		(22,166	)
					23,909
Goodwill resulting from VFG acquisition				$	22,635

Summary of Acquired and Accounted for in Accordance With ASC 310-30

The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:

	At December 31, 2022
	Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30)
	(In Thousands)
Outstanding balance	$	635
Carrying amount		—