Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed:

	May 2, 2025
(In thousands)	Evans Bancorp, Inc.
Consideration:
Cash paid to shareholders (fractional shares)	$	25
Common stock issuance		221,767
Total net consideration	$	221,792

Recognized amounts of identifiable assets acquired and (liabilities) assumed:
Cash and cash equivalents	$	40,197
Securities available for sale		255,487
Securities held to maturity		3,494
Loans, net of allowance for credit losses on purchased credit deteriorated loans		1,665,712
Premises and equipment, net		15,069
Core deposit intangibles		33,240
Bank owned life insurance		44,100
Other assets		70,337
Total identifiable assets acquired	$	2,127,636

Deposits	$	(1,864,049	)
Borrowings		(113,712	)
Other liabilities		(19,492	)
Total liabilities assumed	$	(1,997,253	)

Total identifiable assets, net	$	130,383

Goodwill	$	91,409

Fair Value of Acquired PCD Loans

The following table provides details related to the fair value of acquired PCD loans.

(In thousands)	PCD Loans
Par value of PCD loans at acquisition	$	336,398
Allowance for credit losses at acquisition		7,726
Discount at acquisition		(36,584	)
Fair value of PCD loans at acquisition	$	307,540

Unaudited Pro Forma Information

The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and six months ended June 30, 2025 and 2024, as if Evans had been acquired on January 1, 2024. This unaudited pro forma information combines the historical results of Evans with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision expense resulting from recording loan assets at fair value, cost savings or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.

	Pro Forma (Unaudited)				Pro Forma (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands,)	2025		2024		2025		2024
Total revenue, net of interest expense	$	177,453	$	160,074	$	349,366	$	316,814
Net income		12,930		37,247		52,859		73,407