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Business Developments (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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.

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- Definition Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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