Acquisition (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
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| Business Combination |
The following table provides the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed from FineMark as of January 1, 2026: | | | | | | (In thousands) | Fair Value | | Purchase consideration | | | Fair value of common stock issued | $ | 519,865 | | | Fair value of equity interest in FineMark held by the Company prior to acquisition | 4,614 | | | Cash for fractional shares | 8 | | | Fair value of total consideration | $ | 524,487 | | | | | Assets | | | Loans, net of allowance for credit losses on loans | $ | 2,607,866 | | | Trading securities | 541,967 | | | Other investments | 27,180 | | | Interest earning deposits with banks | 483,821 | | | Cash and due from banks | 17,547 | | | Premises and equipment | 47,074 | | | Identifiable intangible assets | 138,082 | | | Other assets | 102,979 | | | Total assets acquired | $ | 3,966,516 | | | | | Liabilities | | | Non-interest bearing deposits | $ | 425,140 | | | Interest-bearing deposits | 2,684,381 | | | Repurchase agreements | 63,018 | | | Other borrowings | 351,458 | | | Other liabilities | 25,298 | | | Total liabilities assumed | $ | 3,549,295 | | | | | Preliminary fair value of net assets acquired | $ | 417,221 | | | Preliminary goodwill | 107,266 | |
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| Schedule of Financing Receivables, Purchased Seasoned Loans |
The following table includes the fair value and unpaid principal balance of the acquired loans as of January 1, 2026:
| | | | | | | | | | | | | | | | | | | (In thousands) | Unpaid principal balance | Premium / (discount) | Loans | Allowance for credit losses | Net loans | | Purchased seasoned loans | $ | 2,351,772 | | $ | (76,873) | | $ | 2,274,899 | | $ | (19,870) | | $ | 2,255,029 | | | PCD loans | 368,533 | | (12,738) | | 355,795 | | (2,958) | | 352,837 | | | Total | $ | 2,720,305 | | $ | (89,611) | | $ | 2,630,694 | | $ | (22,828) | | $ | 2,607,866 | |
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| Business Combination, Pro Forma Information |
The following table presents pro forma combined information as if FineMark had been acquired on January 1, 2025. These results combine the historical results of FineMark into the Company’s consolidated statement of income, and while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, the results do not necessarily reflect the results of operations that would have occurred had the acquisition taken place on January 1, 2025. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma combined amounts.
| | | | | | | | | | | | | | | | | | | Pro Forma Combined Results | | For the Three Months Ended | | For the Six Months Ended | | (In thousands) | June 30, 2026 | June 30, 2025 | | June 30, 2026 | June 30, 2025 | | Total revenue * | $ | 494,200 | | $ | 474,251 | | | $ | 964,444 | | $ | 929,949 | | | Net Income | 163,961 | | 156,479 | | | 314,656 | | 292,169 | |
*Total revenue is comprised of net interest income and non-interest income.
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