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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | The total merger consideration of $83.8 million is allocated to Traditions’ tangible and intangible assets and liabilities based on their fair values as follows:
(In thousands) |  | Traditions Bancorp, Inc. Book Value 1/31/2025 |  | Acquisition Accounting Adjustments |  | Traditions Bancorp, Inc. Fair Value 1/31/2025
Consideration |  |  |  |  |  |
Common stock |  |  |  |  |  | $ | 83,649 |
Cash consideration |  |  |  |  |  | 157
Fair value of total consideration transferred |  |  |  |  |  | $ | 83,806 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |  |  |
Cash and cash equivalents |  | $ | 36,363 |  |  | $ | — |  |  | $ | 36,363 |
Investment securities, available for sale |  | 98,484 |  |  | (818) |  |  | 97,666 |
Loans held for sale |  | 12,512 |  |  | — |  |  | 12,512 |
Total loans |  | 673,805 |  |  | (25,343) |  |  | 648,462 |
Less: Allowance for credit losses |  | (4,045) |  |  | 2,581 |  |  | (1,464) |
Loans, net |  | 669,760 |  |  | (22,762) |  |  | 646,998 |
Premises and equipment, net |  | 7,235 |  |  | (362) |  |  | 6,873 |
Right of use asset |  | 2,932 |  |  | — |  |  | 2,932 |
Restricted investment in bank stocks |  | 3,323 |  |  | — |  |  | 3,323 |
Investment in bank-owned life insurance |  | 16,384 |  |  | — |  |  | 16,384 |
Core deposit intangibles |  | — |  |  | 18,854 |  |  | 18,854 |
Other assets |  | 14,147 |  |  | 1,398 |  |  | 15,545 |
Total assets acquired |  | $ | 861,140 |  |  | $ | (3,690) |  |  | $ | 857,450 |
Deposits |  | $ | 741,723 |  |  | $ | (215) |  |  | $ | 741,508 |
Borrowings |  | 40,000 |  |  | 188 |  |  | 40,188 |
Lease liability |  | 3,125 |  |  | — |  |  | 3,125 |
Allowance for unfunded commitments |  | 118 |  |  | 852 |  |  | 970 |
Other liabilities |  | 8,158 |  |  | (41) |  |  | 8,117 |
Total liabilities assumed |  | $ | 793,124 |  |  | $ | 784 |  |  | $ | 793,908 |
Total identifiable net assets |  | $ | 68,016 |  |  | $ | (4,474) |  |  | $ | 63,542 |
Goodwill |  |  |  |  |  | $ | 20,264 |
Financing Receivable, Purchased with Credit Deterioration | The following table presents details related to the fair value of acquired PCD loans at the Acquisition date:
(In thousands) | Unpaid Principal Balance |  | Total Premium/(Discount) |  | Gross Up for PCD Allowance for Credit Losses |  | Fair Value of PCD Loans
PCD Accruing | $ | 140,053 |  |  | $ | (5,359) |  |  | $ | 1,464 |  |  | $ | 136,158 |
PCD Non-Accruing | 2,962 |  |  | (528) |  |  | — |  |  | 2,434 |
Total PCD Loans | $ | 143,015 |  |  | $ | (5,887) |  |  | $ | 1,464 |  |  | $ | 138,592 |
Business Combination, Pro Forma Information | The following table presents supplemental pro forma information for the three and six months ended June 30, 2025 and 2024 as if the acquisition had occurred January 1, 2024. The unaudited pro forma information includes acquisition accounting adjustments for interest income on loans acquired, amortization of core deposit intangibles arising from the transaction, depreciation expense on property acquired, interest expense of deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been affected on the assumed dates. In addition, the unaudited proforma information excludes merger-related expenses and the provision for credit losses on non-PCD loans at the Acquisition date, and does not reflect management’s estimate of any revenue-enhancing opportunities or anticipated cost savings as a result of the integration:
| Three months ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net interest income | $ | 30,550 |  |  | $ | 29,234 |  |  | $ | 61,698 |  |  | $ | 57,986 |
Net income | 12,726 |  |  | 14,140 |  |  | 24,156 |  |  | 23,397 |

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