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Business Combination (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination [Abstract] |
Schedule of Assets Changes to Valuation Determinable at Acquisition Date | Potential adjustments, if any, will be related to assets that have may have changes to valuation amounts that were not readily determinable at acquisition date.
($ in thousands) |  | January 17, 2025 |
Fair value of assets acquired |  |  |
Cash and cash equivalents |  | $ | 1,995 |
Investment securities |  |  | 30,123 |
Federal Reserve and Federal Home Loan Bank stock |  |  | 117 |
Loans held for investment |  |  | 18,661 |
Premises and equipment |  |  | 1,036 |
Goodwill |  |  | 3,919 |
Core deposit intangible |  |  | 1,710 |
Other assets |  |  | 1,600 |
Total assets acquired |  | $ | 59,161 |
Fair value of liabilities assumed |  |  |  |
Deposits |  | $ | 53,088 |
Other liabilities |  |  | 1,064 |
Total liabilities assumed |  |  | 54,152 |
Total purchase price (cash) |  | $ | 5,009 |
Schedule of Acquisition Added Less Revenue | The acquisition added less than $0.3 million in revenue to the Company for the three months ended March 31, 2025.
|  | Three Months Ended |
Summary of Operations ($ in thousands) |  | Mar. 2025 |  |  | Mar. 2024 |
Net interest income |  | $ | 11,339 |  |  | $ | 9,529 |
Provision for loan losses |  |  | 387 |  |  |  | - |
Net interest income after provision |  | $ | 10,952 |  |  | $ | 9,529 |
Non interest income |  |  | 4,111 |  |  |  | 3,971 |
Non interest expense |  |  | 12,669 |  |  |  | 10,728 |
Income before income taxes |  | $ | 2,394 |  |  | $ | 2,772 |
Income tax expense* |  |  | 431 |  |  |  | 481 |
Net income to common shareholders |  | $ | 1,963 |  |  | $ | 2,291 |
Basic earnings per share |  | $ | 0.30 |  |  | $ | 0.34 |
Diluted earnngs per share |  | $ | 0.30 |  |  | $ | 0.34 |
| * | Income tax expense for Marblehead calculated using a 21% statuatory rate

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