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Acquisition (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the net assets acquired (at fair value) and consideration transferred for HTLF as of January 31, 2025 (in thousands, except for per share data):

 

 

Fair Value
January 31, 2025

 

Assets

 

 

Loans, net of allowance for credit losses on loans

$

9,734,711

 

Investment securities

 

3,648,445

 

Interest-bearing due from banks

 

965,003

 

Cash and due from banks

 

174,985

 

Premises and equipment, net

 

174,579

 

Identifiable intangible assets

 

511,021

 

Other assets

 

906,712

 

Total assets acquired

$

16,115,456

 

 

 

 

Liabilities

 

 

Noninterest-bearing deposits

$

3,761,997

 

Interest-bearing deposits

 

10,586,989

 

Long-term debt

 

278,018

 

Other liabilities

 

199,532

 

Total liabilities assumed

$

14,826,536

 

 

 

 

Net identifiable assets acquired

$

1,288,920

 

Preliminary goodwill

 

1,630,209

 

Net assets acquired

$

2,919,129

 

 

 

 

Consideration

 

 

Common stock consideration:

 

 

Company's common shares issued

 

23,609

 

Purchase price per share of the Company's common stock

$

117.90

 

Fair value of common stock consideration

$

2,783,510

 

Preferred stock consideration

 

115,230

 

Stock-based compensation consideration

 

20,389

 

Fair value of total consideration transferred

$

2,919,129

 
Schedule of Unpaid Principal Balance and Fair Value of Loans Acquired in the HTLF Acquisitions

The following table presents the unpaid principal balance and fair value of the loans acquired in the HTLF acquisition as of the Acquisition Date (in thousands):

 

 

Unpaid Principal Balance

 

Fair Value

 

Non-PCD loans

$

7,067,238

 

$

6,688,190

 

PCD loans

 

3,237,332

 

 

3,046,521

 

Total loans

$

10,304,570

 

$

9,734,711

 
Summary of PCD Loans Purchased

The following table provides a summary of PCD loans purchased as part of the HTLF acquisition as of the Acquisition Date (in thousands):

 

 

January 31, 2025

 

Principal of PCD loans acquired

$

3,237,332

 

PCD ACL at acquisition

 

(85,299

)

Non-credit discount on PCD loans

 

(105,512

)

Fair value of PCD Loans

$

3,046,521