v3.25.2
Business Combination (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Schedule of Assets Changes to Valuation Determinable at Acquisition Date Potential adjustments, if any, will be related to assets that may have changes to valuation amounts that were not readily determinable at the acquisition date.
($ in thousands)  January 17,
2025		 
     
Fair value of assets acquired    
     
Cash and cash equivalents  $1,995 
Investment securities   30,123 
Federal Reserve and Federal Home Loan Bank stock   117 
Loans held for investment   18,661 
Premises and equipment   1,036 
Goodwill   3,919 
Core deposit intangible   1,710 
Other assets   1,600 
Total assets acquired  $59,161 
      
Fair value of liabilities assumed     
      
Deposits  $53,088 
Other liabilities   1,064 
Total liabilities assumed   54,152 
Total purchase price (cash)  $5,009 
Schedule of Acquisition Added Less Revenue The acquisition added $0.4 million and $0.7 million in revenue to the Company for the three and six months ended June 30, 2025.
   Three Months Ended 
Summary of Operations ($ in thousands)  Jun. 2025   Jun. 2024 
         
Net interest income  $12,128   $10,007 
Provision for loan losses   597    26 
           
Net interest income after provision  $11,531   $9,981 
           
Non interest income   5,048    4,407 
Non interest expense   11,852    11,088 
           
Income before income taxes  $4,727   $3,300 
Income tax expense*   875    261 
           
Net income to common shareholders  $3,852   $3,039 
           
Basic earnings per share  $0.60   $0.45 
Diluted earnngs per share  $0.60   $0.45 

 

*Income tax expense for Marblehead calculated using a 21% statutory rate

 

   Six Months Ended 
Summary of Operations ($ in thousands)  Jun. 2025   Jun. 2024 
         
Net interest income  $23,407   $19,536 
Provision for loan losses   984    26 
           
Net interest income after provision  $22,423   $19,510 
           
Non interest income   9,155    8,378 
Non interest expense   24,262    21,816 
           
Income before income taxes  $7,316   $6,072 
Income tax expense*   1,306    742 
           
Net income to common shareholders  $6,010   $5,330 
           
Basic earnings per share  $0.93   $0.80 
Diluted earnngs per share  $0.93   $0.80 

 

*Income tax expense for Marblehead calculated using a 21% statutory rate