XML 41 R30.htm IDEA: XBRL DOCUMENT v3.25.3
Business Combination (Tables)
 9 Months Ended
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