| Summary of purchase price consideration |
The following table summarizes the purchase of NBC Bancorp, Inc. as of April 1, 2026: | | | | | | | (in thousands, except per share data) | | | | | | | Purchase Price Consideration – Common Stock (excluding Dissenting shares) | | | | | | | NBC Bancorp, Inc. common shares outstanding | | | 473,239 | | | | less: Dissenting shares | | | (29,927) | | | | NBC Bancorp, Inc. common shares to be exchanged for stock consideration | | | 443,312 | | | | Exchange Ratio | | | 0.8065 | | | | Ballston Spa Bancorp, Inc. shares to be issued in the merger and excludes fractional shares | | | 357,408 | | | | Fair Value price per share of Ballston Spa Bancorp, Inc. common stock | | $ | 71.00 | | | | Total Fair Value of Purchase Price Consideration for Common Stock | | | | | $ | 25,376 | | | | | | | | Purchase Price Consideration – Cash for Dissenting Shares | | | | | | | Dissenting shares | | | 29,927 | | | | Exchange Ratio | | | 0.8065 | | | | Dissenting shares to be settled in cash | | | 24,136 | | | | Fair Value of Dissenting shares | | $ | 93.41 | | | | Total fair value of Dissenting Shares | | | | | | 2,255 | | | | | | | | Cash in lieu of fractional shares | | | | | | 8 | | | | | | | | Total Purchase Price Assigned to Cash Consideration | | | | | | 2,263 | | | | | | | | Total Purchase Price for Accounting Purposes | | | | | $ | 27,639 |
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| Summary of fair values assets acquired and liabilities assumed |
| | | | | | | | | | | | | | | | | | As Recorded | (in thousands except shares) | | As Acquired | | Fair Value Adjustments | | at Acquisition | | | | | | | | | | | Recognized amounts of identifiable assets acquired and liabilities assumed: | | | | | | | | | | Cash and cash equivalents | | $ | 48,524 | | $ | — | | $ | 48,524 | Federal funds | | | 1,063 | | | — | | | 1,063 | Securities, available for sale | | | 96,181 | | | (482) | | | 95,699 | Securities, held to maturity | | | 3,914 | | | 75 | | | 3,989 | Loans, gross | | | 360,067 | | | (19,419) | | | 340,648 | Allowance for credit losses | | | (3,549) | | | (773) | | | (4,322) | Loans, net of allowance | | | 356,518 | | | (20,192) | | | 336,326 | | | | | | | | | | | Premises and equipment | | | 4,133 | | | 1,405 | | | 5,538 | Accrued interest receivable | | | 1,505 | | | — | | | 1,505 | Restricted investment in bank stock | | | 1,929 | | | — | | | 1,929 | Deferred tax asset | | | 1,618 | | | 2,988 | | | 4,606 | Core deposit intangible | | | — | | | 7,098 | | | 7,098 | Operating lease right of use asset | | | 1,398 | | | — | | | 1,398 | Other Assets | | | 376 | | | — | | | 376 | Total identifiable assets acquired at fair value | | | 517,159 | | | (9,108) | | | 508,051 | | | | | | | | | | | Deposits | | | 456,930 | | | (52) | | | 456,878 | Borrowings | | | 12,407 | | | (121) | | | 12,286 | Subordinated debt | | | 9,550 | | | (336) | | | 9,214 | Accrued interest payable | | | 557 | | | — | | | 557 | Operating lease liability | | | 1,465 | | | — | | | 1,465 | Reserve for unfunded commitments | | | 177 | | | (159) | | | 18 | Other liabilities | | | 445 | | | — | | | 445 | Total liabilities assumed | | | 481,531 | | | (668) | | | 480,863 | | | | | | | | | | | Total identifiable net assets, at fair value | | $ | 35,628 | | $ | (8,440) | | $ | 27,188 | | | | | | | | | | | Goodwill | | | | | | | | $ | 451 |
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| Summary of fair value of loans acquired |
| | | | | | | | | | | | | | As of April 1, 2026 | | | (in thousands) | | PCD Loans | | PSLs | | Total Loans | Gross amortized cost basis at acquisition | | $ | 47,173 | | $ | 312,894 | | $ | 360,067 | Allowance for credit losses at acquisition | | | (1,511) | | | (2,811) | | | (4,322) | Non-Credit discount at acquisition | | | (570) | | | (18,849) | | | (19,419) | Basis at acquisition – estimated fair value | | $ | 45,092 | | $ | 291,234 | | $ | 336,326 |
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| Summary of proforma information |
| | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Net interest income | | $ | 10,670 | | $ | 10,143 | | $ | 21,320 | | $ | 20,492 | Net income | | $ | 2,258 | | $ | 1,784 | | $ | 3,280 | | $ | 3,645 |
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