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Mergers and Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Schedule of Allocation of Purchase Price to Assets and Liabilities Acquired | The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First.
Purchase Price: |  |
Shares issued to common shareholders, excluding unvested restricted stock awards |  | 30,811,851 |
Purchase price per share |  | $ | 33.93 |
Value of stock paid |  | $ | 1,045,446 |
Fair value of converted unvested restricted stock awards for pre-combination service |  | 5,375 |
Cash settlement for stock options, net of tax benefit |  | 1,869 |
Total purchase price |  | $ | 1,052,690 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.
| As Reported by The First |  | Preliminary Adjustments |  | Measurement Period Adjustments |  | Fair Value of Net Assets Acquired at Date of Acquisition
Cash and cash equivalents | $ | 263,352 |  |  | $ | — |  |  | $ | — |  |  | $ | 263,352 |
Securities | 1,528,975 |  |  | (71,772) |  |  | 174 |  |  | 1,457,377 |
Loans, including loans held for sale | 5,327,056 |  |  | (152,153) |  |  | (1,511) |  |  | 5,173,392 |
Premises and equipment | 174,770 |  |  | (1,596) |  |  | — |  |  | 173,174 |
Bank-owned life insurance | 146,601 |  |  | — |  |  | — |  |  | 146,601 |
Other real estate owned | 8,413 |  |  | 2,696 |  |  | — |  |  | 11,109 |
Core deposit intangible | 56,899 |  |  | 102,711 |  |  | — |  |  | 159,610 |
Other assets | 169,500 |  |  | 3,859 |  |  | 379 |  |  | 173,738 |
Total assets | $ | 7,675,566 |  |  | $ | (116,255) |  |  | $ | (958) |  |  | $ | 7,558,353 |
Deposits | $ | 6,456,784 |  |  | $ | (7,391) |  |  | $ | — |  |  | 6,449,393 |
Borrowings | 422,067 |  |  | (2,902) |  |  | — |  |  | 419,165 |
Other liabilities | 75,760 |  |  | (15,903) |  |  | 61 |  |  | 59,918 |
Total liabilities | $ | 6,954,611 |  |  | $ | (26,196) |  |  | $ | 61 |  |  | $ | 6,928,476 |
Net identifiable assets acquired over liabilities assumed | $ | 720,955 |  |  | $ | (90,059) |  |  | $ | (1,019) |  |  | $ | 629,877 |
Goodwill(1) | 272,520 |  |  | 158,364 |  |  | (8,071) |  |  | 422,813 |
Net assets acquired over liabilities assumed | $ | 993,475 |  |  | $ | 68,305 |  |  | $ | (9,090) |  |  | $ | 1,052,690 |
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.
Schedule of Business Combination, Acquired Loan Portfolio | The following table presents additional information related to the acquired loan portfolio at the acquisition date:
| April 1, 2025
Purchased Credit-Deteriorated (“PCD”) loans: |
Par value | $ | 168,511 |
Allowance for credit losses at acquisition | (25,003) |
Non-credit discount | (4,021) |
Purchase price | $ | 139,487 |
Non-PCD loans: |
Fair value | $ | 5,032,996 |
Gross contractual amounts receivable | 5,233,447 |
Estimate of contractual cash flows not expected to be collected | 62,190 |
Schedule of Pro Forma Combined Condensed Consolidated Financial Information | The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Other than the aforementioned $20,479 in merger-related expenses, which were attributed to the first quarter of 2024, merger expenses are reflected in the period in which they were incurred.
| (Unaudited) |  | (Unaudited)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net interest income - pro forma | $ | 214,571 |  |  | $ | 210,037 |  |  | $ | 639,871 |  |  | $ | 620,429 |
Noninterest income - pro forma | $ | 46,026 |  |  | $ | 99,012 |  |  | $ | 139,289 |  |  | $ | 200,096 |
Noninterest expense - pro forma | $ | 183,830 |  |  | $ | 175,935 |  |  | $ | 548,533 |  |  | $ | 516,469 |
Net income - pro forma | $ | 50,839 |  |  | $ | 98,877 |  |  | $ | 173,055 |  |  | $ | 175,698 |
Earnings per share - pro forma: |  |  |  |  |  |  |
Basic | $ | 0.54 |  |  | $ | 1.07 |  |  | $ | 1.83 |  |  | $ | 1.96 |
Diluted | $ | 0.53 |  |  | $ | 1.06 |  |  | $ | 1.81 |  |  | $ | 1.95 |

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