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Acquisition and Divestiture Activity (Tables) | 9 Months Ended
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Sep. 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 and also includes certain reclassifications to conform to the current presentation in the Consolidated Balance Sheet:
(dollars and shares in thousands) | May 1, 2025
Assets |
Cash and cash equivalents | $ | 449,757 |
Equity securities | 26,070 |
Investment securities | 2,811,108 |
FHLB/Federal Reserve Bank stock | 93,924 |
Loans held-for-sale | 9,883 |
Loans, net of allowance for credit losses | 11,110,449 |
Premises and equipment | 110,157 |
Goodwill | 243,407 |
Other intangible assets | 440,099 |
Company-owned life insurance | 181,909 |
Other assets | 794,184 |
Total assets | $ | 16,270,947 |
Liabilities |
Deposits | $ | 12,862,357 |
Securities sold under agreements to repurchase | 49,131 |
Federal Home Loan Bank advances | 1,559,227 |
Other borrowings | 205,194 |
Accrued expenses and other liabilities | 247,143 |
Total liabilities | $ | 14,923,052 |
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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues (1) | $ | 705,070 |  |  | $ | 690,920 |  |  | $ | 2,068,156 |  |  | $ | 1,986,405 |
Income before income taxes | 299,636 |  |  | 201,562 |  |  | 781,650 |  |  | 540,653 |
(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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