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Note 19 - Business Combinations - Acquisition of Conerstone Community Bancorp (Tables) | 12 Months Ended
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Dec. 31, 2025
Notes Tables |
Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block] |
Identifiable Assets: |  | ( in thousands) |
Cash and cash equivalents |  | $ | 51,916 |
Investment Securities |  |  | 88,067 |
Loans |  |  | 462,489 |
Core deposit intangible |  |  | 11,610 |
Bank premises and equipment |  |  | 12,567 |
Bank owned life insurance |  |  | 16,399 |
Other assets |  |  | 16,300 |
Total identifiable assets acquired |  | $ | 659,348 |
Liabilities: |  |  |  |
Deposits: |  |  |  |
Non-interest bearing |  | $ | 88,557 |
Interest bearing |  |  |  |
Savings accounts |  |  | 21,797 |
Money market accounts |  |  | 334,289 |
Time accounts |  |  | 136,239 |
Total deposits |  |  | 580,882 |
FHLB borrowings |  |  | 15,000 |
Subordinated debentures |  |  | 11,623 |
Other liabilities |  |  | 9,240 |
Total liabilities assumed |  | $ | 616,745 |
Net identifiable assets |  | $ | 42,603 |
|  | ( in thousands) |
Book value of net assets acquired from Cornerstone |  | $ | 41,727 |
Fair value adjustments: |  |  |  |
Loans (net of Cornerstone's deferred costs/fees and allowance) |  |  | (9,152 | )
Bank premises and equipment |  |  | (1,123 | )
Core deposit intangible asset |  |  | 11,610 |
Subordinated debentures |  |  | 379 |
Time Deposits |  |  | (556 | )
Other |  |  | (317 | )
Total purchase accounting adjustments |  | $ | 841 |
Deferred tax asset (tax effect of purchase accounting adjustments at 29.56% plus tax on cash paid on termination of stock options) |  |  | 35 |
Fair value of net identifiable assets acquired from Cornerstone |  | $ | 42,603 |
Merger consideration (cash payments of $16.1 million and $45.2 million in stock) |  |  | 61,316 |
Less: fair value of net assets acquired from Cornerstone |  |  | (42,603 | )
Goodwill recognized |  | $ | 18,713 |
Purchased Financial Assets with Credit Deterioration [Table Text Block] |
Par value of Acquired PCD Loans |  | $ | 34,115 |
Less Credit Mark (ACL) |  |  | (315 | )
Less: Interest Mark (Non-Credit Discount) |  |  | (3,609 | )
Fair Value (Purchase Price) |  | $ | 30,191 |
Business Combination, Pro Forma Information [Table Text Block] |
Period Ended |  | Net Interest Income |  |  | Net Income |
Year Ended December 31, 2025 |  | $ | 97,464 |  |  | $ | 37,220 |
Year Ended December 31, 2024 |  | $ | 95,452 |  |  | $ | 17,663 |
● | Amortization of acquired intangibles |  | $ | 2,197 |
● | Accretion of discount on loans |  | $ | 1,717 |
● | Accretion of premium on time deposits acquired |  | $ | 616 |
● | Amortization of discount on subordinated debentures |  | $ | 154 |
● | Income tax benefit of adjustments |  | $ | 5 |
Cornerstone Community Bancorp [Member] |
Notes Tables |
Purchased Financial Assets with Credit Deterioration [Table Text Block] |
Par value of Acquired PCD Loans | $34,115
Less Credit Mark (ACL) | (315)
Less: Interest Mark (Non-Credit Discount) | (3,609)
Fair Value (Purchase Price) | $30,191

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