v3.25.2
Mergers & Acquisitions (Tables)
6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Preliminary fair value estimates Consideration transferred, identifiable net assets acquired and resulting goodwill
The following table discloses the preliminary fair value estimates of the consideration transferred, the total identifiable net assets acquired and the resulting goodwill arising from the acquisition of BOID. The Company is continuing to obtain information to determine the fair values of assets acquired and liabilities assumed.
BOID
(Dollars in thousands)April 30,
2025
Fair value of consideration transferred
Fair value of Company shares issued$204,986 
Cash consideration
Total fair value of consideration transferred204,988 
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents26,127 
Debt securities139,974 
Loans receivable, net of ACL1,075,197 
Core deposit intangible 1
19,758 
Accrued income and other assets33,501 
Total identifiable assets acquired1,294,557 
Liabilities assumed
Deposits1,078,377 
Borrowings
71,932 
Accrued expenses and other liabilities9,343 
Total liabilities assumed1,159,652 
Total identifiable net assets134,905 
Goodwill recognized$70,083 
______________________________
1 The core deposit intangible for the acquisition was determined to have an estimated life of 10 years.
Unaudited pro forma summary of the company as if the acquisitions had occurred at the beginning of the period The following unaudited pro forma summary presents consolidated information of the Company as if the BOID acquisition had occurred on January 1, 2024:
Three Months endedSix Months ended
(Dollars in thousands)June 30,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Net interest income and non-interest income$245,536 212,305 $482,951 422,302 
Net income48,065 47,294 106,579 82,988