v3.25.3

Acquisition | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisition | Acquisition Acquisition of Integrated Financial Holdings, Inc. On October 1, 2024, the Company completed its acquisition of Integrated Financial Holdings, Inc. (“IFH”). IFH merged with and into the Company, with the Company continuing as the surviving corporation in the acquisition. Immediately following the acquisition, West Town Bank & Trust, merged with and into Capital Bank, with Capital Bank as the surviving bank. During the first quarter of 2025, the Company converted IFH’s banking systems and operations onto Capital Bank’s platforms. The following table summarizes the consideration paid for IFH and the amounts of the assets acquired and liabilities assumed at the October 1, 2024 acquisition date:
Purchase Price Consideration and Net Assets Acquired | Preliminary October 1, 2024 | Measurement Period Adjustments | Final September 30, 2025
(dollars in thousands, except shares issued and price per share) |  |  |
Common share consideration |  |  |
Shares of common stock issued | 2,631,847 |  | — |  | 2,631,847 |
Price per share on September 30, 2024 | $ | 25.71 |  | $ | — |  | $ | 25.71 |
Common stock consideration | $ | 67,665 |  | $ | — |  | $ | 67,665 |
Cash consideration | 12,652 |  | — |  | 12,652 |
Consideration for other equity instruments | 3,199 |  | — |  | 3,199 |
Purchase price consideration | $ | 83,516 |  | $ | — |  | $ | 83,516 |
Assets |  |  |
Cash and cash equivalents | $ | 77,822 |  | $ | — |  | $ | 77,822 |
Investment securities available-for-sale | 1,019 |  | — |  | 1,019 |
Loans held for sale | 41,723 |  | — |  | 41,723 |
Portfolio loans held for investment, net | 362,180 |  | (3,712) |  | 358,468 |
Premises and equipment, net | 7,104 |  | — |  | 7,104 |
Customer list intangible | 12,200 |  | — |  | 12,200 |
Trade name intangible | 2,100 |  | — |  | 2,100 |
Core deposits intangible | 1,779 |  | — |  | 1,779 |
Loan servicing assets | 4,515 |  | (2,107) |  | 2,408 |
Deferred tax asset | 9,324 |  | 1,297 |  | 10,621 |
Bank owned life insurance | 4,779 |  | — |  | 4,779 |
Other assets | 13,731 |  | — |  | 13,731 |
Total assets acquired | $ | 538,276 |  | $ | (4,522) |  | $ | 533,754 |
Liabilities |  |  |
Deposits | $ | 458,952 |  | $ | — |  | $ | 458,952 |
Other liabilities | 16,934 |  | 321 |  | 17,255 |
Total liabilities assumed | $ | 475,886 |  | $ | 321 |  | $ | 476,207 |
Total identifiable net assets | $ | 62,390 |  | $ | (4,843) |  | $ | 57,547 |
Goodwill | $ | 21,126 |  | $ | 4,843 |  | $ | 25,969 |
The assets purchased and liabilities assumed in the acquisition were recorded at their estimated fair values at the time of closing, subject to refinement for up to one year after the closing date. The Company adjusted those estimates as additional information pertaining to events or circumstances present at the closing date became available during the measurement period. During the nine months ended September 30, 2025, the Company’s estimates of assets and liabilities resulted in a $4.8 million increase to Goodwill at September 30, 2025, as compared to December 31, 2024. The adjustments were primarily related to loan adjustments of $3.7 million, fair value adjustments for servicing assets of $2.1 million, and a corresponding $1.3 million adjustment for the related deferred tax assets, and $0.3 million related to unaccrued payables and other liabilities. The Company’s acquisition of IFH is discussed in detail in Note 2 “Business Combination” in the “Notes to the Consolidated Financial Statements” contained in Part II. Item 8 "Financial Statements and Supplementary Data" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. During the three months ended September 30, 2025 and 2024, the Company incurred merger-related expenses related to the acquisition of IFH totaling $0.7 million and $0.5 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company incurred merger-related expenses totaling $3.4 million and $1.3 million, respectively.

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