Branch Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Branch Acquisition

The following table sets forth assets acquired and liabilities assumed in the acquisition of the East Syracuse branch, at their estimated fair values as of the closing date of the transaction:

Data is actual, not in thousands
	Amount Recorded		Fair Value Adjustment				Fair Value Recorded
Consideration:
Cash received							$	149,843,537
Fair value of assets acquired and liabilities assumed:
Assets acquired:
Cash and cash equivalents	$	251,040	$	-			$	251,040
Negative deposits (classified as loans)		28,080		-				28,080
Loans, net		29,908,345		(1,843,429	)	(a)		28,064,916
Accrued interest receivable on loans		162,388		-				162,388
Premises and equipment, net		223,676		-				223,676
Core deposit intangible		-		6,271,000		(b)		6,271,000
Right-of-use asset		12,481,680		493,000		(c)		12,974,680
Total assets acquired	$	43,055,209	$	4,920,571			$	47,975,780
Liabilities assumed:
Deposits	$	185,860,409	$	543,226		(d)	$	186,403,635
Accrued interest payable on deposits		149,948		-				149,948
Lease liability		12,481,680		-				12,481,680
Total liabilities assumed	$	198,492,037	$	543,226			$	199,035,263
Net assets acquired and liabilities assumed							$	(151,059,483	)
Goodwill							$	1,215,946		(e)
The amount of revenue of the acquired business since the acquisition date, and the proforma results of operations, are not material to the financial statements.

(a) Adjustments to loans will be recognized as an adjustment of yield over their remaining term.
(b) Recording of new intangible asset for the fair value of core deposits, to be amortized on an accelerated basis over a ten year period. The weighted average amortization period is 6.4 years.
(c) The right-of-use asset was initially measured at an amount equal to the lease liability and includes an adjustment for favorable lease terms when compared with market terms.
(d) Adjustments to deposits will be recognized as an adjustment of yield over their remaining term.

(e) Total amount of goodwill that is expected to be deductible for tax purposes.