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Acquisitions and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Purchase Price Allocation | Accordingly, the total purchase price, which included cash paid of $359.7 million, the forgiveness of $12.9 million in long-term debt, and the assumption of a $5.8 million liability for the Seller’s transaction expenses, has been allocated to the identifiable assets acquired and liabilities assumed based on their acquisition-date fair values, as summarized in the following table:
(In thousands) | Fair Value
Purchase price consideration | $ | 378,424 |
Assets: |
Cash and due from banks | 310 |
Premises and equipment | 1,078 |
Other intangible assets | 188,900 |
Deferred tax assets, net | (35,889) |
Other assets: |
Funds held in escrow | 288,167 |
Accounts receivable | 2,435 |
Prepaid expenses | 1,166 |
Total other assets | 291,768 |
Total assets acquired | $ | 446,167 |
Liabilities: |
Interest-bearing deposits (1) | (20,622) |
Other liabilities: |
Accounts payable | 684 |
Accrued expenses | 4,270 |
Deferred revenue | 20,391 |
Members’ funds | 288,167 |
Operating lease liabilities | $ | 838 |
Total other liabilities | $ | 314,350 |
Total liabilities assumed | $ | 293,728 |
Net assets acquired | 152,439 |
Pre-existing equity interest (2) | 2,200 |
Goodwill | $ | 228,185 |
(1)The $20.6 million reflects the amount held in Ametros’ operating cash account at the Bank on January 24, 2024. Upon acquisition, such cash and the Bank’s corresponding deposit liability owed to Ametros were eliminated in consolidation, which resulted in a decrease to interest-bearing deposits for the Bank and the Bank’s legal title to the funds being held in such operating cash account. (2)Prior to the acquisition date, the Company had a 0.6% equity interest in Ametros. The consideration transferred reflects the purchase price for the remaining 99.4% of the business. Upon acquisition, the Company recognized a $1.5 million gain in Other income on the accompanying Consolidated Statement of Income, which represents the difference between the cost basis and estimated acquisition-date fair value of the Company’s pre-existing equity interest in Ametros.
Summary of Supplemental Pro Forma Information | The following table summarizes supplemental pro forma financial information giving effect to the merger with Sterling as if it had been completed on January 1, 2021:
(In thousands) |  |  |  |  | Year ended December 31, 2022 |
Net interest income |  |  |  |  | $ | 1,961,005 |  |  |
Non-interest income |  |  |  |  | 440,783 |  |  |
Net income |  |  |  |  | 869,639 |  |  |
In addition, the supplemental pro forma financial information was adjusted for merger-related expenses, as follows:
(In thousands) |  |  |  |  |  | Year ended December 31, 2022 |
Compensation and benefits (1) |  |  |  |  |  | $ | 79,001 |  |  |
Occupancy (2) |  |  |  |  |  | 36,586 |  |  |
Technology and equipment (3) |  |  |  |  |  | 24,688 |  |  |
Marketing |  |  |  |  |  | 416 |  |  |
Professional and outside services (4) |  |  |  |  |  | 73,070 |  |  |
Other expense (5) |  |  |  |  |  | 32,700 |  |  |
Total merger-related expenses |  |  |  |  |  | $ | 246,461 |  |  |
(1)Comprised primarily of employee severance and retention costs, and executive restricted stock awards. (2)Comprised primarily of charges associated with the Company’s 2022 corporate real estate consolidation plan. (3)Comprised primarily of technology contract termination costs. (4)Comprised primarily of advisory, legal, accounting, and other professional fees. (5)Comprised primarily of disposals on property and equipment, contract termination costs, and other miscellaneous expenses.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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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