Business Combinations (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

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)

Business Combination, Recognized Asset Acquired and Liability 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 Combination, Pro Forma Information

The following tables present unaudited pro forma results of operations for the three and nine-month periods ended September 30, 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 September 30, 2024
	(Unaudited)
	Company	SCF1	Pro Forma Adjustments3	Pro Forma Combined
Net interest and other income	$40,429	$4,748		$45,177
Net income	8,825	1,491	(424)	9,892
Earnings Per Share, Basic	$0.40			$0.45
Earnings Per Share, Diluted	$0.39			$0.44
Weighted Average Shares Outstanding, Basic	22,007,772			22,007,772
Weighted Average Shares Outstanding, Diluted	22,332,220			22,332,220

(In Thousands, except per share data)	Nine Months Ended September 30, 2024
	(Unaudited)
	Company	SCF2	Pro Forma Adjustments3	Pro Forma Combined
Net interest and other income	$111,350	$14,741		$126,091
Net income	26,044	3,624	(1,030)	28,638
Earnings Per Share, Basic	$1.18			$1.30
Earnings Per Share, Diluted	$1.17			$1.28
Weighted Average Shares Outstanding, Basic	22,002,812			22,002,812
Weighted Average Shares Outstanding, Diluted	22,296,540			22,296,540

1SCF represents unaudited results from July 1 to September 30 for 2024.

2SCF represents unaudited results from January 1 to September 30 for 2024.

3Proforma adjustments include a provision for income taxes using the Company's statutory rate.