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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination [Abstract] |
Schedule of the Final Estimated Fair Value of the Assets Acquired and Liabilities and Equity Assumed | Estimated fair values of the assets acquired and liabilities assumed in the William Penn Acquisition as of the closing date are as follows:
(In thousands) |
Assets acquired: |
Cash and cash equivalents | $ | 41,404 |
Federal funds sold | 553 |
Investment securities | 186,564 |
Loans | 405,271 |
Core deposit intangible | 9,002 |
Premises and equipment | 6,858 |
Operating lease right of use asset | 6,340 |
Cash surrender value of life insurance | 42,928 |
Deferred income taxes | 15,399 |
Accrued interest receivable | 2,271 |
Other assets | 11,094 |
Total assets acquired | $ | 727,684 |
Liabilities assumed: |
Deposits: |
Noninterest-bearing demand | $ | 61,677 |
Interest-bearing demand | 121,521 |
Money Market | 178,285 |
Savings | 76,983 |
Time | 181,293 |
Operating lease liability | 6,340 |
Accrued interest payable | 29 |
Other liabilities | 4,052 |
Total liabilities assumed | $ | 630,181 |
Consideration transferred | $ | 103,213 |
Fair value of common stock issued | 103,206 |
Cash paid in lieu of fractional shares | 7 |
Total | $ | 103,213 |
Reconciliation to Consideration Transferred: |
Total assets acquired | $ | 727,684 |
Total liabilities assumed | 630,181 |
Net assets acquired | 97,503 |
Goodwill | 5,710 |
Consideration transferred | $ | 103,213 |
Schedule of Supplemental Pro Forma Information | The following supplemental pro forma information presents certain financial results for the three and six months ended June 30, 2025 and 2024 as if the merger of William Penn was effective as of January 1, 2024. The supplemental unaudited pro forma financial information included in the table below is based on various estimates and is presented for informational purposes only and does not indicate the results of operations of the combined company that would have been achieved for the periods presented had the transaction been completed as of the date indicated or that may be achieved in the future.
(In thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net interest income after provision for credit losses - loans | $ | 49,705 |  |  | $ | 41,445 |  |  | $ | 96,429 |  |  | $ | 83,024 |
Noninterest income | 7,741 |  |  | 5,962 |  |  | 12,517 |  |  | 12,627 |
Noninterest expense | 47,876 |  |  | 33,443 |  |  | 78,619 |  |  | 67,034 |
Net income | $ | 5,642 |  |  | $ | 11,494 |  |  | $ | 18,932 |  |  | $ | 23,638 |

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