v3.25.2
Note 2 - Business Combination - Schedule of Business Acquisitions (Details) - USD ($)
$ in Thousands
Jun. 01, 2024
Jun. 30, 2025
Dec. 31, 2024
Goodwill   $ 10,718 $ 10,718
Frontier Community Bank [Member]      
Stock consideration(1) [1] $ 14,299    
Cash consideration (2) [2] 2,050    
Total purchase price consideration 16,349    
Cash and cash equivalents 8,934    
Securities 9,320    
Deferred fees and costs on loans 0    
Allowance for credit losses on loans 0    
Premises and equipment 3,452    
Core deposit intangible 2,100    
Other assets 5,964    
Total identifiable assets acquired 148,513    
Deposits 129,717    
Borrowings 5,230    
Other liabilities 2,091    
Total identifiable liabilities assumed 137,038    
Fair value of net assets acquired 11,475    
Goodwill [3] 4,874    
Frontier Community Bank [Member] | Loans in Process [Member]      
Loans, gross 539    
Frontier Community Bank [Member] | Performing Financial Instruments [Member]      
Loans, gross 107,869    
Frontier Community Bank [Member] | Reported by FCB [Member]      
Cash and cash equivalents 8,993    
Securities 9,325    
Deferred fees and costs on loans 34    
Allowance for credit losses on loans (881)    
Premises and equipment 3,003    
Core deposit intangible 0    
Other assets 4,998    
Total identifiable assets acquired 152,757    
Deposits 130,323    
Borrowings 5,250    
Other liabilities 1,960    
Total identifiable liabilities assumed 137,533    
Frontier Community Bank [Member] | Reported by FCB [Member] | Loans in Process [Member]      
Loans, gross 539    
Frontier Community Bank [Member] | Reported by FCB [Member] | Performing Financial Instruments [Member]      
Loans, gross 115,589    
Frontier Community Bank [Member] | Scenario, Adjustment [Member]      
Cash and cash equivalents (59)    
Securities (5)    
Deferred fees and costs on loans (34)    
Allowance for credit losses on loans 881    
Premises and equipment 449    
Core deposit intangible 2,100    
Other assets 966    
Total identifiable assets acquired (4,244)    
Deposits (606)    
Borrowings (20)    
Other liabilities 131    
Total identifiable liabilities assumed (495)    
Frontier Community Bank [Member] | Scenario, Adjustment [Member] | Loans in Process [Member]      
Loans, gross 0    
Frontier Community Bank [Member] | Scenario, Adjustment [Member] | Performing Financial Instruments [Member]      
Loans, gross (7,720)    
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member]      
Loans, gross 10,335    
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Reported by FCB [Member]      
Loans, gross 11,157    
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Scenario, Adjustment [Member]      
Loans, gross $ (822)    
[1] The Company issued 464,855 shares of its common stock valued at $30.76 per share, which was the closing price of the Company’s common stock on May 31, 2024, the last day of trading prior to the consummation of the acquisition.
[2] Cash consideration was paid for shareholder elections, fractional shares and to settle outstanding vested stock options. The merger agreement provided for up to 10% of consideration to be paid in cash of $14.48 per FCB common share, at the shareholders’ election. Payments for shareholder elections and fractional shares totaled $1,769. Outstanding and vested options were settled at the difference between $14.48 and the strike price and totaled $281.
[3] The Company kept the measurement of goodwill open until December 31, 2024 in order to reflect any adjustments to the fair value of assets acquired and liabilities assumed that arose during the Company’s final review procedures. The Company recorded a small measurement period adjustment to goodwill between the acquisition date and December 31, 2024. For more information, please refer to the Company’s 2024 Form 10-K, Note 17: Goodwill and Other Intangibles.