XML 41 R30.htm IDEA: XBRL DOCUMENT v3.25.1
Business Combination (Tables)
 3 Months Ended
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