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Acquisition and Divestiture Activity (Tables)
6 Months Ended
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 securities26,070 
Investment securities2,811,133 
FHLB/Federal Reserve Bank stock93,924 
Loans held-for-sale9,883 
Loans, net of allowance for credit losses11,123,355 
Premises and equipment100,489 
Goodwill234,635 
Other intangible assets440,099 
Company-owned life insurance181,909 
Other assets770,925 
Total assets$16,303,579 
Liabilities
Deposits$12,880,842 
Securities sold under agreements to repurchase49,131 
Federal Home Loan Bank advances1,559,227 
Other borrowings193,279 
Accrued expenses and other liabilities273,205 
Total liabilities$14,955,684 
Fair value of consideration
Common stock (50,183 shares issued at $20.67 per share)
$1,033,262 
Cash314,633 
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 securities342,490 
FHLB/Federal Reserve Bank stock14,426 
Loans held-for-sale21,159 
Loans, net of allowance for credit losses2,120,627 
Premises and equipment22,481 
Goodwill176,535 
Other intangible assets46,125 
Company-owned life insurance91,475 
Other assets95,922 
Total assets$3,109,031 
Liabilities
Deposits$2,560,124 
Federal Home Loan Bank advances75,000 
Other borrowings30,000 
Accrued expenses and other liabilities26,309 
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)2025202420252024
Total revenues (1)
$694,351 $660,328 $1,363,086 $1,295,485 
Income before income taxes229,090 180,291 482,014 339,091 
(1)    Includes net interest income and total noninterest income.