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Acquisitions (Tables)

6 Months Ended

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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- References

No definition available.

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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

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