v3.26.1
Business Combinations (Tables)
3 Months Ended
Mar. 31, 2026
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

 

1,371,226

 

Premises and equipment

 

16,664

 

Other real estate owned

 

1,735

 

Intangible assets

 

35,876

 

Other assets

 

50,607

 

Total assets

 

1,749,065

 

 

 

 

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

 

11,970

 

Total liabilities

 

1,625,981

 

 

 

 

Net assets acquired

 

123,084

 

 

 

 

Goodwill

$

69,908