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BUSINESS COMBINATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Northway and the estimated fair value of the assets acquired and liabilities assumed as of the date of the Northway acquisition:
(In thousands except shares) |  | As Acquired |  | Purchase Accounting Adjustments |  | As Recorded at Acquisition
Consideration Paid: |  |  |  |  |  |
Company common stock (2,283,782 shares at $42.25 per share) |  |  |  |  |  | $ | 96,490 |
Recognized Identified Assets Acquired and Liabilities Assumed, at Fair Value: |  |  |  |  |  |
Assets |  |  |  |  |  |
Loans and loans held for sale(1) |  | $ | 864,031 |  |  | $ | (91,439) |  |  | $ | 772,592 |
Investments |  | 229,222 |  |  | 732 |  |  | 229,954 |
Cash and due from banks |  | 48,261 |  |  | — |  |  | 48,261 |
Deferred tax assets |  | 14,006 |  |  | 4,644 |  |  | 18,650 |
Premises and equipment |  | 9,303 |  |  | 7,547 |  |  | 16,850 |
Core deposit intangible assets |  | — |  |  | 48,058 |  |  | 48,058 |
Bank-owned life insurance |  | 4,372 |  |  | — |  |  | 4,372 |
Other assets |  | 14,394 |  |  | 1,059 |  |  | 15,453 |
Total Assets |  | 1,183,589 |  |  | (29,399) |  |  | 1,154,190 |
Liabilities |  |  |  |  |  |
Deposits |  | 971,899 |  |  | (226) |  |  | 971,673 |
Short-term borrowings |  | 65,499 |  |  | — |  |  | 65,499 |
Long-term borrowings |  | 45,000 |  |  | 184 |  |  | 45,184 |
Junior subordinated debentures |  | 20,620 |  |  | (3,736) |  |  | 16,884 |
Other liabilities |  | 17,940 |  |  | (407) |  |  | 17,533 |
Total Liabilities |  | 1,120,958 |  |  | (4,185) |  |  | 1,116,773 |
Total identified assets acquired and liabilities assumed, at fair value |  | $ | 62,631 |  |  | $ | (25,214) |  |  | 37,417 |
Goodwill |  |  |  |  |  | $ | 59,073 |
(1) The purchase accounting adjustment on loans and loans held for sale is net of the acquired allowance for credit losses (“ACL”) on loans of $10.2 million and acquired net deferred origination costs of $2.0 million, as these balances were eliminated in purchase accounting. Additionally, the Company established an ACL on acquired loans designated as purchase credit deteriorated (“PCD”) of $3.1 million and this has been included in the loan and loans held for sale fair value adjustment. The purchase accounting adjustment on loans and loans held for sale before the adjustments for ACL on acquired loans and net deferred origination costs was a discount on the acquired loan balance of $96.7 million.
Business Acquisition, Pro Forma Information | The unaudited pro forma information below does not reflect management’s estimate of any revenue-enhancing opportunities or anticipated cost-savings.
|  | Pro Forma (Unaudited) Three Months Ended March 31,
(In thousands) |  | 2025 |  | 2024
Total revenues(1) |  | $ | 60,054 |  |  | $ | 56,538 |
Net income |  | 16,047 |  |  | 7,558 |
(1) Revenue is defined as the sum of net interest income plus non-interest income.
Fair Value Option, Disclosures | The following table provides details related to the fair value of acquired PCD loans:
(In thousands) |  | As of January 2, 2025
Unpaid principal balance of acquired PCD loans |  | $ | 103,048 |
Interest and liquidity discount |  | (9,407) |
ACL on PCD loans |  | (3,071) |
Fair value of acquired PCD loans |  | $ | 90,570 |
The following table provides details related to the fair value of acquired non-PCD loans:
(In thousands) |  | As of January 2, 2025
Unpaid principal balance of acquired non-PCD loans |  | $ | 769,036 |
Interest and liquidity discount |  | (80,771) |
Credit risk discount |  | (6,243) |
Fair value of acquired non-PCD loans |  | $ | 682,022 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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