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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Schedule of Assets Changes to Valuation Determinable at Acquisition Date | Potential adjustments, if any, will be related to assets that may have changes to valuation amounts that were not readily determinable at the 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 $0.4 million and $0.7 million in revenue to the Company for the three and nine months ended September 30, 2025.
|  | Three Months Ended |
Summary of Operations ($ in thousands) |  | Sep. 2025 |  |  | Sep. 2024 |
Net interest income |  | $ | 12,334 |  |  | $ | 10,403 |
Provision for loan losses |  |  | 124 |  |  |  | 200 |
Net interest income after provision |  | $ | 12,210 |  |  | $ | 10,203 |
Noninterest income |  |  | 4,244 |  |  |  | 4,134 |
Noninterest expense |  |  | 11,498 |  |  |  | 11,318 |
Income before income taxes |  | $ | 4,956 |  |  | $ | 3,019 |
Income tax expense* |  |  | 910 |  |  |  | 752 |
Net income to common shareholders |  | $ | 4,046 |  |  | $ | 2,267 |
Basic earnings per share |  | $ | 0.64 |  |  | $ | 0.34 |
Diluted earnngs per share |  | $ | 0.64 |  |  | $ | 0.34 |
| * | Income tax expense for Marblehead calculated using a 21% statutory rate
|  | Nine Months Ended |
Summary of Operations ($ in thousands) |  | Sep. 2025 |  |  | Sep. 2024 |
Net interest income |  | $ | 35,741 |  |  | $ | 29,939 |
Provision for loan losses |  |  | 1,108 |  |  |  | 226 |
Net interest income after provision |  | $ | 34,633 |  |  | $ | 29,713 |
Non interest income |  |  | 13,399 |  |  |  | 12,512 |
Non interest expense |  |  | 35,760 |  |  |  | 33,134 |
Income before income taxes |  | $ | 12,272 |  |  | $ | 9,091 |
Income tax expense* |  |  | 2,216 |  |  |  | 1,494 |
Net income to common shareholders |  | $ | 10,056 |  |  | $ | 7,597 |
Basic earnings per share |  | $ | 1.57 |  |  | $ | 1.14 |
Diluted earnngs per share |  | $ | 1.56 |  |  | $ | 1.14 |
| * | Income tax expense for Marblehead calculated using a 21% statutory rate

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