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Business Combination (Tables) | 3 Months Ended
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Sep. 30, 2024
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 |
|  | (Dollars in thousands) |
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, at fair value |  |  | 12,487 |  |  |  |  |  |  |  | 12,487 |
Securities held-to-maturity, at amortized cost |  |  | 2,587 |  |  |  |  |  |  |  | 2,587 |
Federal Home Loan Bank stock and other restricted stock |  |  | 548 |  |  |  |  |  |  |  | 548 |
Loans receivable, net |  |  | 335,971 |  |  |  | (14,371 | ) | (a) |  |  | 321,600 |
Allowance for credit losses |  |  | (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 |
Net deferred tax asset |  |  | 1,634 |  |  |  | (78 | ) | (g)(i) |  |  | 1,556 |
Other assets |  |  | 2,430 |  |  |  | (201 | ) | (i) |  |  | 2,229 |
Total assets acquired |  | $ | 430,652 |  |  | $ | (2,807 | ) |  |  | $ | 427,845 |
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 |  |  |  | (248 | ) | (i) |  |  | 1,884 |
Total liabilities assumed |  | $ | 380,271 |  |  | $ | (1,547 | ) |  |  | $ | 378,724 |
Net assets acquired |  |  |  |  |  |  |  |  | $ | 49,121 |
Goodwill recorded at merger |  |  |  |  |  |  |  |  |  | 20,417 |
(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) 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. (e) Elimination of pre-existing intangible asset for the fair value of core deposits. (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. (i) Final adjustments of income taxes, other assets and other liabilities.

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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 + Details
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