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Business Combinations | 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] |
Business Combinations | Business Combinations Lakeland Bancorp, Inc. - Merger Agreement On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. ("Lakeland"). Under the merger agreement, each share of Lakeland common stock was converted into the right to receive 0.8319 shares of the Company's common stock, a total of 54,356,954 shares converted, plus cash in lieu of fractional shares. The total consideration paid for the acquisition of Lakeland was $876.8 million. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $180.4 million and was recorded as goodwill. While there were no transaction costs related to our merger with Lakeland for the 2025 period, these costs totaled $18.9 million and $21.1 million for the three and six months ended June 30, 2024. Merger-related expense is a separate line in non-interest expense on the Consolidated Statements of Income. Additionally, an initial Current Expected Credit Loss ("CECL") provision for credit losses of $60.1 million was recorded as part of the Lakeland merger, for the three and six months ended June 30, 2024, respectively. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the merger date, net of cash consideration paid (in thousands):
|  | As of May 16, 2024
Assets acquired: |  |
Cash and cash equivalents, net |  | $ | 194,548 |
Available for sale debt securities |  | 1,585,993 |
Federal Home Loan Bank stock |  | 46,113 |
Loans held for sale |  | 1,494 |
Loans held for investment |  | 7,906,326 |
Allowance for credit losses on PCD loans |  | (17,188) |
Loans, net |  | 7,889,138 |
Bank-owned life insurance |  | 160,646 |
Banking premises and equipment |  | 60,578 |
Accrued interest receivable |  | 27,241 |
Goodwill |  | 180,446 |
Other intangibles assets |  | 209,915 |
Other assets |  | 236,481 |
Total assets acquired |  | $ | 10,592,593 |
Liabilities assumed: |  |
Deposits |  | $ | 8,622,924 |
Mortgage escrow deposits |  | 5,532 |
Borrowed funds |  | 785,927 |
Subordinated debentures |  | 166,366 |
Other liabilities |  | 135,066 |
Total liabilities assumed |  | $ | 9,715,815 |
Net assets acquired |  | $ | 876,778 |
The Company finalized its review of the acquired assets and liabilities as of December 31, 2024. No adjustments to the recorded carrying values or goodwill were made as of and for the quarter ended June 30, 2025.

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