Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Summary of purchase price and the par value of portfolio PCD

The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Piedmont as of the Acquisition Date:


(Dollars in thousands)
Purchase price of PCD loans and leases at acquisition	$	409,872
Allowance for credit losses at acquisition		17,518
Non-credit discount at acquisition		20,906

Par value (UPB) of acquired PCD loans and leases at acquisition	$	448,296

Summary of assets and liabilities assumed as of the Piedmont Acquisition Date

The consideration paid for Piedmont’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Piedmont Acquisition Date were as follows:


(Dollars in thousands)
Purchase price:
Value of common shares issued (7,860,831 shares)	$	280,946
Cash for fractional shares		21

Total purchase price		280,967

Identifiable assets:
Cash and cash equivalents		77,497
Investment securities		94,426
Net loans and leases		1,998,350
Premises and equipment		23,816
Operating lease right-of-use assets		5,124
BOLI		40,801
Core deposit intangible		32,764
Other assets		30,573

Total identifiable assets	$	2,303,351

Identifiable liabilities:
Deposits	$	2,105,810
Long-term borrowings		20,000
Operating lease liabilities		5,744
Other liabilities		20,789

Total identifiable liabilities		2,152,343

Fair value of net assets acquired including identifiable intangible assets		151,008

Resulting goodwill	$	129,959

Business combination revenue and net income


	Proforma Year Ended December 31
(Dollars in thousands)	2025		2024
Total Revenues (1)	$	1,240,758	$	1,152,368
Net Income		452,896		416,376
(1) Represents net interest income plus other income