v3.25.2
Business Combinations (Tables)
 6 Months Ended
Jun. 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, net9,158 
Purchased receivables, net48,034 
Premises and equipment
54 
Right-of-use assets44 
Other assets1,642 
     Total assets acquired$66,129 
Liabilities Assumed:
Borrowings$40,207 
Lease liability47 
Other liabilities1,021 
     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)LoansPurchased 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 six-month periods ended June 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 June 30, 2024
(Unaudited)
Company
SCF1
Pro Forma Adjustments3
Pro Forma Combined
Net interest and other income$36,630 $4,795 $41,425 
Net income9,020 1,103 (314)9,809 
Earnings Per Share, Basic$1.64 $1.78 
Earnings Per Share, Diluted$1.62 $1.76 
Weighted Average Shares Outstanding, Basic5,500,588 5,500,588 
Weighted Average Shares Outstanding, Diluted5,558,580 5,558,580 
(In Thousands, except per share data)Six Months Ended June 30, 2024
(Unaudited)
Company
SCF2
Pro Forma Adjustments3
Pro Forma Combined
Net interest and other income$70,921 $9,993 $80,914 
Net income17,219 2,133 (606)18,746 
Earnings Per Share, Basic$3.13 $3.41 
Earnings Per Share, Diluted$3.10 $3.37 
Weighted Average Shares Outstanding, Basic5,500,083 5,500,083 
Weighted Average Shares Outstanding, Diluted5,562,025 5,562,025 
1SCF represents unaudited results from April 1 to June 30 for 2024.
2SCF represents unaudited results from January 1 to June 30 for 2024.
3Proforma adjustments include a provision for income taxes using the Company's statutory rate.