v3.26.1
Business Combinations (Tables)
6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Schedule of Estimated Values of the Assets Acquired and Liabilities Assumed

Estimated values of the assets acquired and liabilities assumed on the effective date of February 1, 2026 are as follows:

(Dollars in thousands)

 

 

 

Assets of acquired bank:

 

 

 

Cash and cash equivalents

 

$

84,131

 

Securities available-for-sale

 

 

71,811

 

Loans

 

 

805,219

 

Premises and equipment

 

 

2,859

 

Goodwill

 

 

28,045

 

Core deposit intangible

 

 

8,180

 

Federal Home Loan Bank stock

 

 

2,972

 

Other assets

 

 

16,017

 

Total assets acquired

 

$

1,019,234

 

Liabilities of acquired bank:

 

 

 

Deposits

 

$

844,237

 

Other liabilities

 

 

48,361

 

Total liabilities assumed

 

$

892,598

 

Net assets

 

$

126,636

 

Common stock issued @ $40.56 per share

 

$

103,862

 

Other capital consideration for converted options and restricted stock units

 

$

2,768

 

Cash paid

 

$

20,006

 

 

Summary of Unaudited Pro Forma Information Recognized acquisition-related expense and other adjustments related to the timing of expenses are included in net income before income tax expense in the following table:

 

 

Unaudited Pro Forma Combined Results

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

(Dollars in thousands, except share and per share data)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net interest income

 

 

60,276

 

 

 

58,153

 

 

 

116,957

 

 

 

109,559

 

Noninterest income

 

 

7,717

 

 

 

3,087

 

 

 

11,908

 

 

 

6,541

 

Net income before income tax expense

 

 

27,500

 

 

 

23,698

 

 

 

42,139

 

 

 

44,058