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Business Combination (Tables)

3 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed at Estimated Fair Value

The following table sets forth assets acquired and liabilities assumed in the acquisition of Regal Bancorp, at their estimated fair values as of the closing date of the transaction:

		As recorded by Regal Bancorp				Fair value adjustments					As recorded at acquisition
Consideration paid (3,023,369 Regal Bancorp shares at    $23.00 per share)												69,538
Assets Acquired
Cash and cash equivalents		$	55,294			$	—				$	55,294
Time deposits in other financial institutions			8,810									8,810
Securities available for sale			12,487									12,487
Securities held to maturity			2,587									2,587
Federal Home Loan Bank stock and other restricted stock			548									548
Loans receivable			335,971				(14,371	)	(a)			321,600
Allowance for loan loss			(4,076	)			4,076		(b)			—
Accrued interest receivable			1,214									1,214
Premises and equipment, net			1,570									1,570
Right-of-use asset			3,416									3,416
Goodwill			1,047				(1,047	)	(c)			—
Core deposit intangible			26				9,038		(d)(e)			9,064
Deferred costs			224				(224	)	(f)			—
Bank owned life insurance			7,470									7,470
Deferred income taxes			1,766				(91	)	(g)			1,675
Other assets			2,298									2,298
Total assets acquired		$	430,652			$	(2,619	)			$	428,033
Liabilities assumed
Deposits		$	373,174			$	(1,299	)	(h)		$	371,875
Lease liability			3,444									3,444
Deferred compensation			1,521									1,521
Accrued expenses and other liabilities			2,132									2,132
Total liabilities assumed		$	380,271			$	(1,299	)			$	378,972
Net assets acquired											$	49,061
Goodwill recorded at merger												20,477

Explanation of certain fair value related adjustments:

(a)	Adjustment for interest rate and credit risk to reduce loans to fair value, to be amortized as an increase to interest income over their remaining term.
(b)	Elimination of Regal Bank allowance for loan losses.
(c)	Elimination of pre-existing goodwill.
(d)	Elimination of pre-existing intangible asset for the fair value of core deposits.
(e)	Recording of new intangible asset for the fair value of core deposits, to be amortized on an accelerated basis

	over the estimated average life of the deposit base.
(f)	Elimination of deferred costs.
(g)	Recording of the deferred income tax effects of fair value adjustments.
(h)	Adjustment to reduce time deposits to fair value, to be amortized as an increase to interest expense over their remaining term.

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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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