Business Combinations (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

A summary of the net assets acquired and the estimated fair value adjustments are presented below:

(In Thousands)	October 31, 2024
Cost basis net assets	$29,638
Cash payment made	(47,855)
Pre-existing debt effectively settled	(12,000)
Fair value adjustments:
Net loans	(1,260)
Net purchased receivables	(3,524)
Goodwill	($35,001)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

A summary of the assets acquired and liabilities assumed at their estimated fair values are presented below:

(In Thousands)	October 31, 2024
Assets Acquired:
Cash and equivalents	$7,197
Loans, net	9,158
Purchased receivables, net	48,034
Premises and equipment	54
Right-of-use assets	44
Other assets	1,642
Total assets acquired	$66,129
Liabilities Assumed:
Borrowings	$40,207
Lease liability	47
Other liabilities	1,021
Total liabilities assumed	$41,275

Financing Receivable, Purchased With Credit Deterioration

The following table presents PCD loan and purchased receivable activity at the date of acquisition:

(In Thousands)	Loans	Purchased Receivables
Unpaid principal balance	$10,418	$51,558
ACL at acquisition	(1,260)	(3,524)
Total	$9,158	$48,034

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma results of operations for the three-month period ended March 31, 2024 as if the acquisition of SCF had occurred on January 1, 2024. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2024, primarily due to the Company's lower cost of funding as compared to SCF.

(In Thousands, except per share data)	Three Months Ended March 31, 2024
	(Unaudited)
	Company	SCF1	Pro Forma Adjustments2	Pro Forma Combined
Net interest and other income	$34,291	$5,122		$39,413
Net income	8,199	1,123	(319)	9,003
Earnings Per Share, Basic	$1.49			$1.64
Earnings Per Share, Diluted	$1.48			$1.62
Weighted Average Shares Outstanding, Basic	5,499,578			5,499,578
Weighted Average Shares Outstanding, Diluted	5,554,930			5,554,930

1SCF represents unaudited results from January 1 to March 31 for 2024.

2Proforma adjustments include a provision for income taxes using the Company's statutory rate.