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Acquisition and Divestiture Activity (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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) | May 1, 2025
Assets |
Cash and cash equivalents | $ | 511,157 |
Equity securities | 26,070 |
Investment securities | 2,811,133 |
FHLB/Federal Reserve Bank stock | 93,924 |
Loans held-for-sale | 9,883 |
Loans, net of allowance for credit losses | 11,123,355 |
Premises and equipment | 100,489 |
Goodwill | 234,635 |
Other intangible assets | 440,099 |
Company-owned life insurance | 181,909 |
Other assets | 770,925 |
Total assets | $ | 16,303,579 |
Liabilities |
Deposits | $ | 12,880,842 |
Securities sold under agreements to repurchase | 49,131 |
Federal Home Loan Bank advances | 1,559,227 |
Other borrowings | 193,279 |
Accrued expenses and other liabilities | 273,205 |
Total liabilities | $ | 14,955,684 |
Fair value of consideration |
Common stock (50,183 shares issued at $20.67 per share) | $ | 1,033,262 |
Cash | 314,633 |
Total consideration | $ | 1,347,895 |
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) | 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 |
Federal Home Loan Bank 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 |
Summary of Business Combination, Pro Forma Information | The following table presents supplemental unaudited pro-forma financial information as if the Bremer merger had occurred on January 1, 2024. The pro-forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effective as of this assumed date.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues (1) | $ | 694,351 |  |  | $ | 660,328 |  |  | $ | 1,363,086 |  |  | $ | 1,295,485 |
Income before income taxes | 229,090 |  |  | 180,291 |  |  | 482,014 |  |  | 339,091 |
(1) Includes net interest income and total noninterest income.

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- Definition Tabular disclosure of pro forma revenue and earnings for business combination or aggregate of series of individually immaterial business combinations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-8 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 49 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479303/805-10-55-49 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 4: 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 5: 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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