XML 49 R35.htm IDEA: XBRL DOCUMENT
v3.23.2

Business Combination (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value | The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table:
| As Recorded by MSB |  | Fair Value Adjustments |  | As Recorded at Acquisition
| (In Thousands)
Cash paid for acquisition |  |  |  |  | $ | 9,830 |
Value of stock issued |  |  |  |  | 45,133 |
Total purchase price |  |  |  |  | $ | 54,963 |
Cash and cash equivalents | $ | 14,126 |  |  | $ | — |  |  | $ | 14,126 |
Investment securities | 4,000 |  |  | (510) |  | (a) | 3,490 |
Loans receivable | 537,589 |  |  | (7,345) |  | (b) | 530,244 |
Allowance for loan losses | (6,037) |  |  | 6,037 |  | (c) | — |
Premises and equipment | 7,698 |  |  | (3,221) |  | (d) | 4,477 |
FHLB stock | 3,345 |  |  | — |  |  | 3,345 |
Accrued interest receivable | 1,701 |  |  | — |  |  | 1,701 |
Core deposit intangibles | — |  |  | 690 |  | (e) | 690 |
Bank owned life insurance | 14,663 |  |  | — |  |  | 14,663 |
Deferred income taxes, net | 1,729 |  |  | 2,152 |  | (f) | 3,881 |
Other assets | 4,830 |  |  | 495 |  | (g) | 5,325 |
Total assets acquired | $ | 583,644 |  |  | $ | (1,702) |  |  | $ | 581,942 |
Deposits | $ | 458,392 |  |  | $ | 1,786 |  | (h) | $ | 460,178 |
FHLB borrowings | 62,900 |  |  | — |  |  | 62,900 |
Advance payments by borrowers for taxes | 794 |  |  | — |  |  | 794 |
Other liabilities | 810 |  |  | (756) |  | (i) | 54 |
Total liabilities assumed | $ | 522,896 |  |  | $ | 1,030 |  |  | $ | 523,926 |
Net assets acquired |  |  |  |  | $ | 58,016 |
Bargain purchase gain |  |  |  |  | $ | (3,053) |
________________________________________ Explanation of certain fair value related adjustments: (a)Represents the fair value adjustments on investment securities. (b)Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. (c)Represents the elimination of MSB’s allowance for loan losses. (d)Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e)Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f)Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g)Represents an adjustment to other assets acquired. (h)Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i)Represents an adjustment to other liabilities assumed.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration