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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the total consideration transferred as a part of the CNNB acquisition and the fair value of identifiable assets acquired and liabilities assumed as originally reported at December 31, 2023 and as adjusted at June 30, 2024 (in thousands):
| December 31, 2023 |  | Adjustments |  | June 30, 2024
Consideration: |  |  |  |  |
Cash consideration | $ | 9,475 |  |  | — |  |  | 9,475 |
Common stock (2,042,598 shares issued at $13.99 per share) | 28,576 |  |  | — |  |  | 28,576 |
Fair value of total consideration transferred | 38,051 |  |  | — |  |  | 38,051 |
Identifiable Assets Acquired: |  |  |  |  |
Cash and cash equivalents | 11,368 |  |  | — |  |  | 11,368 |
Debt securities, available-for-sale | 5,210 |  |  | — |  |  | 5,210 |
Federal Home Loan Bank stock | 7,508 |  |  | — |  |  | 7,508 |
Loans, net | 236,692 |  |  | (363) |  |  | 236,329 |
Premises and equipment | 2,767 |  |  | — |  |  | 2,767 |
Operating lease right-of-use assets | 64 |  |  | — |  |  | 64 |
Core deposit and other intangibles | 8,391 |  |  | — |  |  | 8,391 |
Bank owned life insurance | 4,413 |  |  | — |  |  | 4,413 |
Deferred income taxes | 4,451 |  |  | — |  |  | 4,451 |
Other assets | 12,950 |  |  | (54) |  |  | 12,896 |
Total identifiable assets acquired | 293,814 |  |  | (417) |  |  | 293,397 |
Liabilities Assumed: |  |  |  |  |
Deposits | 210,532 |  |  | — |  |  | 210,532 |
Short-term borrowings | 55,999 |  |  | — |  |  | 55,999 |
Long-term debt | 5,963 |  |  | — |  |  | 5,963 |
Operating lease liabilities | 68 |  |  | (4) |  |  | 64 |
Other liabilities | 3,489 |  |  | — |  |  | 3,489 |
Total liabilities assumed | 276,051 |  |  | (4) |  |  | 276,047 |
Total Identifiable Net Assets Acquired | 17,763 |  |  | (413) |  |  | 17,350 |
Goodwill Resulting From Merger | $ | 20,288 |  |  | 413 |  |  | 20,701 |
The following table summarizes the fair value of the total consideration transferred as a part of the EFBI acquisition and the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction (in thousands):
Consideration: |  |  |  |  |
Cash consideration |  |  |  |  | $ | 10,256
Common stock (918,128 shares issued at $14.04 per share) |  |  |  |  | 12,891
Fair value of total consideration transferred |  |  |  |  | 23,147
Identifiable Assets Acquired: |  |  |  |  |
Cash and cash equivalents |  |  |  |  | 8,029 |
Debt securities, available-for-sale |  |  |  |  | 698 |
Federal Home Loan Bank stock |  |  |  |  | 4,334 |
Loans, net |  |  |  |  | 127,700 |
Premises and equipment |  |  |  |  | 3,427 |
Operating lease right-of-use assets |  |  |  |  | 48 |
Core deposit and other intangibles |  |  |  |  | 3,760 |
Bank owned life insurance |  |  |  |  | 3,004 |
Deferred income taxes |  |  |  |  | 1,813 |
Other assets |  |  |  |  | 2,590 |
Total identifiable assets acquired |  |  |  |  | 155,403 |
Liabilities Assumed: |  |  |  |  |
Deposits |  |  |  |  | 132,435 |
Short-term borrowings |  |  |  |  | 13,000 |
Operating lease liabilities |  |  |  |  | 48 |
Other liabilities |  |  |  |  | 773 |
Total liabilities assumed |  |  |  |  | 146,256 |
Total Identifiable Net Assets Acquired |  |  |  |  | 9,147 |
Goodwill Resulting From Merger |  |  |  |  | $ | 14,000 |

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- 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
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