v3.26.1
Mergers and Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Schedule of Allocation of Purchase Price to Assets and Liabilities Acquired
The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First.
Purchase Price:
Shares issued to common shareholders, excluding unvested restricted stock awards30,811,851 
Purchase price per share$33.93 
Value of stock paid$1,045,446 
Fair value of converted unvested restricted stock awards for pre-combination service5,375 
Cash settlement for stock options, net of tax benefit1,869 
  Total purchase price
$1,052,690 
The following tables provide a preliminary allocation of the purchase consideration to the identified assets and goodwill acquired at the acquisition date:
Purchase Consideration:
Cash consideration(1)
$70,026 
Contingent consideration6,327 
  Total purchase consideration
$76,353 
Assets Acquired:
Factoring receivables (Net Funds Employed)$58,326 
Allowance for credit losses(1,749)
Accrued fees905 
Customer relationship intangible6,200 
Contract-based intangible1,800 
Total assets$65,482 
Total identifiable assets acquired65,482 
Goodwill(2)
10,871 
  Total assets acquired
$76,353 
(1) Includes holdback of $2,414.
(2) The goodwill resulting from the acquisition has been assigned to the Community Banks operating segment.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.
Fair Value of Net Assets Acquired
Cash and cash equivalents$263,352 
Securities1,457,377 
Loans, including loans held for sale5,173,334 
Premises and equipment179,629 
Bank-owned life insurance146,601 
Other real estate owned11,032 
Other intangible assets165,476 
Other assets175,627 
Total assets$7,572,428 
Deposits6,449,393 
Borrowings419,165 
Other liabilities70,203 
Total liabilities$6,938,761 
Net identifiable assets acquired over liabilities assumed$633,667 
Goodwill(1)
419,023 
Net assets acquired over liabilities assumed$1,052,690 
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.
Schedule of Business Combination, Acquired Loan Portfolio
The following table presents additional information related to the acquired loan portfolio at the acquisition date on April 1, 2025:
April 1, 2025
Purchased Credit-Deteriorated (“PCD”) loans:
Par value$168,511 
Allowance for credit losses at acquisition(25,003)
Non-credit discount(4,021)
Purchase price$139,487 
Non-PCD loans:
Fair value$5,032,996 
Gross contractual amounts receivable5,233,447 
Estimate of contractual cash flows not expected to be collected62,190