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Business Combinations | 12 Months Ended
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Jun. 30, 2025
Business Combinations |
Business Combinations | NOTE 15: Business Combinations On January 20, 2023, the Company completed the merger with Citizens and its wholly owned subsidiary, Citizens Bank and Trust Company (“Citizens Bank”), in a stock and cash transaction. In late February 2023, the Company merged Citizens Bank with and into the Bank, coincident to the data systems conversion. For the fiscal years ended June 30, 2025, 2024 and 2023, the Company incurred $0, $95,000 and $4.9 million, respectively, of third-party acquisition-related costs, which are included in noninterest expense in the Company’s consolidated statements of income. ​ Under the acquisition method of accounting, the total purchase price is allocated to the net tangible and intangible assets acquired based on their estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Citizens merger is detailed in the following table. If, prior to the end of the one-year measurement period for finalizing the purchase price allocation, information becomes available about facts and circumstances that existed as of the merger date, which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. ​
​ | ​ | ​ | ​
Citizens Bancshares Company | ​ | ​ | ​
Fair Value of Consideration Transferred | ​ | ​
(dollars in thousands) | ​ | ​
Cash | ​ | $ | 34,889
Common stock, at fair value | ​ | ​ | 98,280
Total consideration | ​ | $ | 133,169
​ |  | ​ | ​
Recognized amounts of identifiable assets acquired and liabilities assumed |  | ​ | ​
​ | ​ |  | ​
Cash and cash equivalents | ​ | $ | 243,225
Investment securities | ​ |  | 226,497
Loans | ​ |  | 447,388
Premises and equipment | ​ |  | 23,430
BOLI | ​ |  | 21,733
Identifiable intangible assets | ​ |  | 24,645
Miscellaneous other assets | ​ |  | 9,366
​ | ​ |  | ​
Deposits | ​ |  | (851,140)
Securities sold under agreements to repurchase | ​ |  | (27,629)
Miscellaneous other liabilities | ​ | ​ | (7,784)
Total identifiable net assets | ​ | ​ | 109,731
Goodwill | ​ | $ | 23,438
​ Of the total purchase price, $22.1 million was allocated to core deposit intangible, and will be amortized over ten years on a straight line basis, $2.6 million was allocated to the intangible related to the acquired trust and wealth management business line and will be amortized over ten years on a straight line basis, and $23.4 million was allocated to goodwill. None of the purchase price is deductible. Goodwill is attributable to synergies and economies of scale expected from combining the operations of the Bank and Citizens Bank. To the extent that management revises any of the fair value of the above fair value adjustments as a result of continuing evaluation, the amount of goodwill recorded in the merger will change. The Company acquired the $461.5 million loan portfolio at an estimated fair value discount of $14.1 million. The excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-30. Loans acquired that were not subject to guidance relating to PCD loans include loans with a fair value and gross contractual amounts receivable of $419.5. million and $520.0 million at the date of acquisition. Management identified 48 PCD loans, with a book balance of $27.5 million, associated with the Citizens merger(ASC 310-30). The Company utilized an outside valuation expert to estimate the fair value of acquired assets and assumed liabilities. This work related primarily to loans, the core deposit intangible, and the intangible related to the acquired trust and wealth management business line. The acquired business contributed revenues of $18.6 million and earnings of $2.7 million for the fiscal year ended June 30, 2024, and revenues of $11.6 million and earnings of $3.3 million for the period from January 20, 2023 through June 30, 2023. The following unaudited pro forma summaries present consolidated information of the Company as if the business combination had occurred on the first day of each period: ​
​ | ​ | ​ | ​
​ |  | ​ | ​
​ | ​ | Pro Forma
​ | ​ | For the twelve months ended
(dollars in thousands) | ​ | ​ | June 30, 2023
Revenue | ​ | $ | 183,878
Earnings | ​ | $ | 51,156
​

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