v3.26.1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Estimated Fair Value of the Assets Acquired and the Liabilities Assumed as Date of Acquisition
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Flushing, net of total consideration paid (in thousands):
At June 1, 2026
Flushing Book ValuePurchase Accounting
Adjustments		Estimated Fair Value
Total Purchase Price:$538,351 
Assets acquired:
Cash and cash equivalents$308,470 $— $308,470 
Securities1,560,808 (332)1,560,476 
Loans receivable, net of allowance for loans credit losses5,221,067 (229,810)4,991,257 
Loans held-for-sale1,309,849 (108,063)1,201,786 
Core deposit intangible647 84,353 85,000 
Other assets457,057 82,513 539,570 
Total assets acquired8,857,898 (171,339)8,686,559 
Liabilities assumed:
Deposits7,436,454 7,497 7,443,951 
FHLB advances and other borrowings406,241 (6,106)400,135 
Other liabilities316,879 (401)316,478 
Total liabilities assumed8,159,574 990 8,160,564 
Net assets acquired$698,324 $(172,329)$525,995 
Goodwill recorded in the merger$12,356 
Schedule of Activity of Purchased Credit Deteriorated and Purchased Seasoned Loans
The following table presents the PCD and PSL activity on loans held for investment (in thousands):
June 1, 2026
PSLPCD
Par value of loans at acquisition$4,416,746 $812,205 
Initial allowance for credit losses on acquired loans(60,881)(60,450)
Non-credit discount on acquired loans(60,897)(55,466)
Fair value of acquired loans$4,294,968 $696,289 
Schedule of Business Acquisition, Pro Forma Information
The following table presents financial information regarding the former Flushing operations included in the Consolidated Statements of Income from the date of the acquisition (June 1, 2026) through June 30, 2026. In addition, the table provides unaudited condensed pro forma financial information assuming the Merger had been completed as of January 1, 2025 for the six months ended June 30, 2025. The table below has been prepared for comparative purposes only and is not necessarily
indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results.

The unaudited pro forma information does not reflect management’s estimates of any revenue-enhancing opportunities or anticipated cost savings that may be realized as a result of the integration and consolidation of Flushing’s operations. The pro forma information presented gives effect to estimated purchase accounting fair value adjustments, merger-related expenses of $46.9 million (which had an estimated tax-adjusted earnings per share impact of $0.37) assumed to have been incurred in 2025 and therefore excluded from 2026 results, the removal of Flushing’s 2025 goodwill impairment charge, and related income tax effects, including the application of the combined entity’s effective tax rate. Average diluted shares outstanding include shares issued in connection with the Flushing acquisition, as well as common stock and NVCE Stock issued to Warburg Pincus.
(in thousands)Flushing Actual from June 1, 2026 to June 30, 2026Pro Forma For the Six Months Ended June 30, 2026Pro Forma For the Six Months Ended June 30, 2025
Net interest income$19,068 $316,979 $287,326 
Credit loss expense(109)8,751 16,891 
Non-interest income1,350 22,810 38,337 
Non-interest expense14,813 257,942 275,657 
Income before income taxes5,714 73,096 33,115 
Provision for income taxes1,607 20,467 9,272 
Net income$4,107 $52,629 $23,843 
Net income available to common stockholders$4,107 $52,629 $20,000 
Average diluted shares outstanding97,712 98,555 
Fully diluted earnings per share$0.54 $0.20