v3.26.1
Business Combinations and Asset Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Acquisitions
The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Blue Foundry Merger on the Acquisition Date:
Estimated Fair Value
(dollars in thousands)
Consideration transferred:
Common stock issued (12,435,551)
$252,940 
Cash paid to Blue Foundry Bancorp shareholders5 
     Value of consideration252,945 
Assets acquired:
     Cash and due from banks9,109 
Interest bearing deposits with banks118,219 
FHLB Stock14,478 
     Investment securities226,456 
     Loans,net1,552,046 
     Premises and equipment19,472 
     Other assets143,192 
          Total assets 2,082,972 
Liabilities assumed:
     Deposits1,532,465 
Borrowings276,000 
     Other liabilities35,511 
          Total liabilities1,843,976 
Net assets acquired238,996 
Goodwill resulting from acquisition$13,949 
Schedule of Acquisition-Related Expenses
The following table details the costs incurred and classified as acquisition-related expenses:

Three months ended Six months ended
June 30, 2026June 30, 2026
(dollars in thousands)
Salaries and employee benefits$2,918 $2,918 
Net occupancy42 42 
Professional fees2,750 3,994 
Charitable donation1,500 1,500 
Other6,629 8,029 
$13,839 $16,483 
Schedule of PCD Loans Acquired
The following table summarizes PCD Loans:
April 1, 2026
(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition$83,522 
Fair value of loans with deteriorated credit quality at acquisition72,785 
Fair value discount10,737 
PCD loans credit discount(4,136)
Non-credit discount$6,601 
Schedule of Goodwill Acquired
The following table presents the change in goodwill during the period:

Six months ended
June 30, 2026
(dollars in thousands)
Goodwill at December 31, 2025$553,346 
Goodwill from Blue Foundry Merger13,949 
Goodwill at June 30, 2026$567,295 
Pro Forma Information
The following table summarizes the results of operations contributed by Blue Foundry Merger presented in the unaudited Consolidated Statements of Income:

Three months ended
June 30, 2026
(dollars in thousands)
Total interest income$28,468 
Total interest expense11,006 
 Net interest income17,462 
Provision for credit losses(2,403)
     Net Interest Income After Provision for Credit Losses19,865 
Total non-interest income314 
Total non-interest expense11,991 
     Income Before Income Taxes8,188 
Income taxes2,318 
     Net Income$5,870 
The table below presents the pro forma results of the operations of the combined institutions (Blue Foundry and the Corporation) as if the Blue Foundry Merger occurred on January 1, 2025. The pro forma adjustments in the tables below are limited to the effects of fair value mark amortization and accretion and intangible asset amortization and do not consider future cost savings the Corporation expects to achieve from the Blue Foundry Merger. No additional acquisition-related expenses have been included in the pro forma results of operations.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(dollars in thousands)
Net interest income$283,205 $271,060 $561,319 $538,207 
Provision for credit losses4,897 9,070 20,682 23,169 
     Net Interest Income After Provision for Credit Losses278,308 261,990 540,637 515,038 
Total non-interest income79,306 69,553 149,671 137,179 
Total non-interest expense216,956 221,301 431,831 428,145 
     Income Before Income Taxes140,658 110,242 258,477 224,072 
Income tax expense27,858 21,080 50,316 42,915 
     Net Income$112,800 $89,162 $208,161 $181,157