Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| CedarStone |
|
| Acquisitions |
|
| Summary of the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date |
| | | | | | | | | | | | | | | | Measurement | | | | | | | As Initially | | Period | | | | | (Dollar amounts in thousands) | | Reported | | Adjustments | | As Adjusted | | Consideration | | | | | | | | | | | Cash consideration | | $ | 25,003 | | $ | — | | $ | 25,003 | | | | | | | | | | | | | Fair value of total consideration transferred | | $ | 25,003 | | $ | — | | $ | 25,003 | | | | | | | | | | | | | Assets acquired | | | | | | | | | | | Cash | | $ | 13,224 | | $ | (1,011) | | $ | 12,213 | | Investment securities available-for-sale | | | 53,509 | | | (97) | | | 53,412 | | Federal funds sold | | | — | | | — | | | — | | Bank owned life insurance | | | 4,481 | | | — | | | 4,481 | | Federal Home Loan Bank stock | | | 1,215 | | | — | | | 1,215 | | Loans | | | 286,102 | | | — | | | 286,102 | | Premises and equipment | | | 11,106 | | | — | | | 11,106 | | Core deposit intangibles | | | 5,317 | | | — | | | 5,317 | | Other assets | | | 773 | | | 153 | | | 926 | | Total assets acquired | | | 375,727 | | | (955) | | | 374,772 | | | | | | | | | | | | | Liabilities assumed | | | | | | | | | | | Deposits | | | 313,536 | | | — | | | 313,536 | | Short-term borrowings | | | 20,800 | | | — | | | 20,800 | | Other borrowings | | | 13,627 | | | — | | | 13,627 | | Other liabilities | | | 2,045 | | | (272) | | | 1,773 | | Total liabilities assumed | | | 350,008 | | | (272) | | | 349,736 | | | | | | | | | | | | | Net identifiable assets | | | 25,719 | | | (683) | | | 25,036 | | Bargain purchase gain | | $ | (716) | | $ | 683 | | $ | (33) | |
|
| Schedule of pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates |
| | | | | | | | | Six Months Ended June 30, | (Dollar amounts in thousands, except per share data) | | 2026 | | 2025 | Net interest income | | $ | 119,249 | | $ | 108,730 | Net income | | $ | 42,125 | | $ | 37,779 | Basic and diluted earnings per share | | $ | 3.54 | | $ | 3.19 |
|
| SimplyBank |
|
| Acquisitions |
|
| Summary of the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date |
| | | | | | | | | | | | | | | | Measurement | | | | | | | As Initially | | Period | | | | | (Dollar amounts in thousands) | | Reported | | Adjustments | | As Adjusted | | Consideration | | | | | | | | | | | Cash consideration | | $ | 73,400 | | $ | — | | $ | 73,400 | | | | | | | | | | | | | Fair value of total consideration transferred | | $ | 73,400 | | $ | — | | $ | 73,400 | | | | | | | | | | | | | Assets acquired | | | | | | | | | | | Cash | | $ | 101,553 | | $ | — | | $ | 101,553 | | Investment securities available-for-sale | | | 77,350 | | | — | | | 77,350 | | Federal funds sold | | | — | | | — | | | — | | Bank owned life insurance | | | 12,816 | | | — | | | 12,816 | | Federal Home Loan Bank stock | | | 726 | | | — | | | 726 | | Loans | | | 467,997 | | | (2,731) | | | 465,266 | | Premises and equipment | | | 14,231 | | | — | | | 14,231 | | Core deposit intangibles | | | 19,788 | | | — | | | 19,788 | | Other assets | | | 6,184 | | | — | | | 6,184 | | Total assets acquired | | | 700,645 | | | (2,731) | | | 697,914 | | | | | | | | | | | | | Liabilities assumed | | | | | | | | | | | Deposits | | | 622,937 | | | — | | | 622,937 | | FHLB advances | | | 1,719 | | | — | | | 1,719 | | Other liabilities | | | 12,899 | | | (1,797) | | | 11,102 | | Total liabilities assumed | | | 637,555 | | | (1,797) | | | 635,758 | | | | | | | | | | | | | Net identifiable assets | | | 63,090 | | | (934) | | | 62,156 | | Goodwill | | $ | 10,310 | | $ | 934 | | $ | 11,244 | |
|
| Schedule of pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates |
| | | | | | | | | Year Ended December 31, | (Dollar amounts in thousands, except per share data) | | 2024 | | 2023 | Net interest income | | $ | 188,441 | | $ | 196,646 | Net income | | $ | 36,425 | | $ | 70,586 | Basic and diluted earnings per share | | $ | 3.08 | | $ | 5.91 |
|