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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Acquisition [Line Items] |
Schedule of Estimated Amortization Expense | As of December 31, 2022, the estimated future amortization expense for the core deposit intangible is as follows:
|  | Core deposit intangibles |
2023 |  | $ | 739 |
2024 |  |  | 684 |
2025 |  |  | 604 |
2026 |  |  | 523 |
2027 |  |  | 443 |
Thereafter |  |  | 1,006 |
|  | $ | 3,999 |
Estimated amortization expense for each of the next five years and thereafter is as follows:
|  | MSRs |  |  | Core deposit intangibles |  |  | Total |
2025 |  | $ | 165 |  |  | $ | 1,316 |  |  | $ | 1,481 |
2026 |  |  | 163 |  |  |  | 1,193 |  |  |  | 1,356 |
2027 |  |  | 159 |  |  |  | 1,071 |  |  |  | 1,230 |
2028 |  |  | 153 |  |  |  | 782 |  |  |  | 935 |
2029 |  |  | 151 |  |  |  | 282 |  |  |  | 433 |
Thereafter |  |  | 2,086 |  |  |  | 362 |  |  |  | 2,448 |
|  | $ | 2,877 |  |  | $ | 5,006 |  |  | $ | 7,883 |
Summary of Financial Information | The following table presents financial information for the former Comunibanc Corp. included in the Consolidated Statements of Operations from the date of acquisition through December 31, 2022.
|  | Actual From Acquisition Date Through December 31, 2022 (in thousands) |
Net interest income after provision for loan losses |  | $ | 3,428 |
Noninterest income |  |  | 159 |
Net income |  |  | 1,719 |
Summary of Pro Forma Information | The following table presents pro forma information for the twelve-month periods ended December 31, 2022, 2021 and 2020 as if the acquisition of Comunibanc Corp. had occurred on January 1, 2020. This table has been prepared for comparative purposes only and is not indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition.
|  | Pro Formas (unaudited) Twelve Months ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Net interest income after provision for loan losses |  | $ | 113,689 |  |  | $ | 103,583 |  |  | $ | 88,293 |
Noninterest income |  |  | 29,451 |  |  |  | 32,768 |  |  |  | 29,870 |
Net income |  |  | 39,095 |  |  |  | 42,482 |  |  |  | 34,374 |
Pro forma earnings per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.42 |  |  | $ | 2.59 |  |  | $ | 2.01 |
Diluted |  | $ | 2.42 |  |  | $ | 2.59 |  |  | $ | 2.01 |
Summary of Estimated Fair Values of the Assets Acquired and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Comunibanc Corp. Core deposit intangibles will be amortized over ten years using an accelerated method. Goodwill will not be amortized, but instead will be evaluated for impairment.
Cash paid |  |  |  |  | $ | 24,968 |
Common shares issued (984,723 shares) |  |  |  |  |  | 21,122 |
Total |  |  |  |  | $ | 46,090 |
Net assets acquired: |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 3,098 |  |  |  |
Securities available for sale |  |  | 120,399 |  |  |  |
Time deposits |  |  | 742 |  |  |  |
Loans, net |  |  | 169,202 |  |  |  |
Other securities |  |  | 1,553 |  |  |  |
Premises and equipment |  |  | 4,665 |  |  |  |
Accrued interest receivable |  |  | 670 |  |  |  |
Core deposit intangible |  |  | 4,426 |  |  |  |
Bank owned life insurance |  |  | 5,918 |  |  |  |
Other assets |  |  | 3,767 |  |  |  |
Noninterest-bearing deposits |  |  | (122,642 | ) |  |  |
Interest-bearing deposits |  |  | (148,552 | ) |  |  |
Other borrowings |  |  | (21,706 | ) |  |  |
Other liabilities |  |  | (1,659 | ) |  |  |
|  |  |  |  |  | 19,881 |
Goodwill resulting from Comunibanc Corp. acquisition |  |  |  |  | $ | 26,209 |
Summary of Acquired and Accounted for in Accordance With ASC 310-30 | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:
|  | At December 31, 2022 |
|  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |
|  | (In Thousands) |
Outstanding balance |  | $ | 4,768 |
Carrying amount |  |  | 4,121 |
Vision Financial Group [Member] |
Business Acquisition [Line Items] |
Summary of Financial Information | The following table presents financial information for VFG included in the Consolidated Statements of Operations from the date of acquisition through December 31, 2022.
|  | Actual From Acquisition Date Through December 31, 2022 (in thousands) |
Net interest income after provision for loan losses |  | $ | 403 |
Noninterest income |  |  | 3,926 |
Net loss |  |  | (992 | )
Summary of Estimated Fair Values of the Assets Acquired and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for VFG. Goodwill will not be amortized, but instead will be evaluated for impairment.
Cash paid |  |  |  |  | $ | 36,044 |
Common shares issued (250,145 shares) |  |  |  |  |  | 5,250 |
Common shares issued (contingent consideration) (250,148 shares) |  |  |  |  |  | 5,250 |
Total |  |  |  |  | $ | 46,544 |
Net assets acquired: |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 6,271 |  |  |  |
Time Deposits |  |  | 80 |  |  |  |
Loans, net |  |  | 61,418 |  |  |  |
Premises and equipment |  |  | 35,039 |  |  |  |
Other assets |  |  | 1,409 |  |  |  |
Other borrowings |  |  | (58,142 | ) |  |  |
Other liabilities |  |  | (22,166 | ) |  |  |
|  |  |  |  |  | 23,909 |
Goodwill resulting from VFG acquisition |  |  |  |  | $ | 22,635 |
Summary of Acquired and Accounted for in Accordance With ASC 310-30 | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30:
|  | At December 31, 2022 |
|  | Acquired Loans with Specific Evidence of Deterioration of Credit Quality (ASC 310-30) |
|  | (In Thousands) |
Outstanding balance |  | $ | 635 |
Carrying amount |  |  | — |

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