v3.25.2
Business Combinations (Tables)
6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Summary of Allocation of Purchase Price

The table below presents the allocation of purchase price for the Merger with Fentura (dollars in thousands):

 

Purchase Price

 

 

 

 

 

Consideration

$

192,992

 

 

 

 

Net assets acquired:

 

 

Cash and cash equivalents

 

173,082

 

Securities available for sale

 

90,696

 

Federal Home Loan Bank and Federal Reserve Bank stock

 

9,179

 

Originated loans

 

1,376,721

 

Premises and equipment

 

16,664

 

Other real estate owned

 

1,735

 

Intangible assets

 

34,737

 

Other assets

 

48,815

 

Total assets

 

1,751,629

 

 

 

 

Non-interest bearing deposits

 

404,497

 

Interest bearing deposits

 

1,027,384

 

Total deposits

 

1,431,881

 

Borrowing

 

169,786

 

Subordinated debentures

 

12,344

 

Other liabilities

 

11,410

 

Total liabilities

 

1,625,421

 

 

 

 

Net assets acquired

 

126,208

 

 

 

 

Goodwill

$

66,784