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Acquisitions and Joint Ventures (Tables)
 12 Months Ended
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 banks310 
Premises and equipment1,078 
Other intangible assets188,900 
Deferred tax assets, net(35,889)
Other assets:
Funds held in escrow288,167 
Accounts receivable2,435 
Prepaid expenses1,166 
Total other assets291,768 
Total assets acquired$446,167 
Liabilities:
Interest-bearing deposits (1)
(20,622)
Other liabilities:
Accounts payable684 
Accrued expenses4,270 
Deferred revenue20,391 
Members’ funds
288,167 
Operating lease liabilities$838 
Total other liabilities$314,350 
Total liabilities assumed$293,728 
Net assets acquired152,439 
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 income440,783 
Net income869,639 
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 
Marketing416 
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.