Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price of Assets Acquired and Liabilities Assumed

Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the purchase price for the TCF branches is detailed in the following table. Prior to the end of the one year measurement period Horizon Bank recorded an adjustment of $639,000 which increased goodwill and decreased other assets acquired in the transaction.

Assets			Liabilities
Cash and due from banks	$	4,012	Deposits
Loans			Non-interest bearing	$	181,403
Commercial	101,327		NOW accounts	303,050
Residential mortgage	56,499		Savings and money market	262,488
Consumer	54,212		Certificates of deposit	99,468
Total loans	212,038		Total deposits	846,409
Premises and equipment, net	6,901		Interest payable	16
Goodwill	3,973		Other liabilities	1,278
Core deposit intangible	1,630
Interest receivable	519
Other assets	463
Total assets purchased	$	229,536	Total liabilities assumed	$	847,703
Net cash received	$	(618,167)