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Business Combination (Tables) | 3 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The table below displays the amounts recognized as of the Merger Date for each major class of assets acquired and liabilities assumed:
| March 1, 2024
| (in thousands)
Total merger consideration |  | $ | 465,504 |
Fair value of assets acquired |  |
Cash and cash equivalents | $ | 627,403 |  |
Investment securities | 518,878 |  |
Loans receivable | 3,186,891 |  |
Loans held for sale | 3,017,506 |  |
Interest receivable | 25,697 |  |
Premises and equipment | 6,436 |  |
FHLB stock | 35,831 |  |
Bank owned life insurance | 17,781 |  |
Intangible assets | 37,022 |  |
Deferred tax asset, net | 125,151 |  |
Other assets | 75,398 |  |
Total assets acquired | $ | 7,673,994 |  |
Fair value of liabilities assumed |  |
Customer accounts | $ | 5,640,440 |  |
Borrowings | 1,432,138 |  |
Junior subordinated debentures | 50,175 |  |
Senior Debt | 93,514 |  |
Accrued expenses and other liabilities | 100,113 |  |
Total liabilities assumed | $ | 7,316,380 |  |
Net Assets Acquired |  | $ | 357,614 |
Goodwill |  | $ | 107,890 |
Schedule of Pro Forma Information | The following table presents unaudited pro forma information as if the Merger had occurred on October 1, 2022. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired interest-bearing deposits, borrowings and long-term debt and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of October 1, 2022. The pro forma information is not indicative of what would have occurred had the Merger occurred as of the beginning of the year prior to the Merger Date. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the Merger. As a result, actual amounts differed from the unaudited pro forma information presented.
| Unaudited Pro Forma for the Three Months Ended |  |
| December 31, 2024 |  |
| (in thousands) |  |
Net-interest income | $ | 161,356 |  |  |
Non-interest income | 15,702 |  |  |
Net income | 50,611 |  |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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