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Merger, Acquisition, and Divestiture Activity (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Business Acquisition | The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date:
(dollars and shares in thousands) | April 1, 2024
Assets |
Cash and cash equivalents | $ | 177,791 |
Investment securities | 342,490 |
FHLB/Federal Reserve Bank stock | 14,426 |
Loans held-for-sale | 21,159 |
Loans, net of allowance for credit losses | 2,120,627 |
Premises and equipment | 22,481 |
Goodwill | 176,535 |
Other intangible assets | 46,125 |
Company-owned life insurance | 91,475 |
Other assets | 95,922 |
Total assets | $ | 3,109,031 |
Liabilities |
Deposits | $ | 2,560,124 |
FHLB advances | 75,000 |
Other borrowings | 30,000 |
Accrued expenses and other liabilities | 26,309 |
Total liabilities | $ | 2,691,433 |
Fair value of consideration |
Common stock (24,014 shares issued at $17.41 per share) | $ | 417,598 |
Total consideration | $ | 417,598 |
The following table presents a summary of the assets acquired and liabilities assumed, net of the fair value adjustments and the fair value of consideration as of the merger date:
(dollars and shares in thousands) | February 15, 2022
Assets |
Cash and cash equivalents | $ | 1,912,629 |
Investment securities | 3,526,278 |
FHLB/Federal Reserve Bank stock | 106,097 |
Loans held-for-sale | 13,809 |
Loans, net of allowance for credit losses | 14,298,873 |
Premises and equipment | 111,867 |
Operating lease right-of-use assets | 129,698 |
Accrued interest receivable | 53,502 |
Goodwill | 961,722 |
Other intangible assets | 117,584 |
Company-owned life insurance | 301,025 |
Other assets | 317,258 |
Total assets | $ | 21,850,342 |
Liabilities |
Deposits | $ | 17,249,404 |
Securities sold under agreements to repurchase | 135,194 |
FHLB advances | 1,158,623 |
Other borrowings | 274,569 |
Accrued expenses and other liabilities | 342,369 |
Total liabilities | $ | 19,160,159 |
Fair value of consideration |
Preferred stock | $ | 243,870 |
Common stock (129,365 shares issued at $18.92 per share) | 2,446,312 |
Total consideration | $ | 2,690,182 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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