Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheets


	At December 31,
	2025		2024
	(In Thousands)
ASSETS
Cash and due from banks	$	147,874	$	31,958
Short-term investments	36		35
Total cash and cash equivalents	147,910		31,993




Restricted equity securities	1		152
Premises and equipment, net	1,416		2,391
Deferred tax asset	—		3,525
Investment in subsidiaries, at equity	2,510,193		1,241,520
Goodwill	35,267		35,267
Other assets	22,440		26,318
Total assets	$	2,717,227	$	1,341,166
LIABILITIES AND STOCKHOLDERS' EQUITY

Borrowed funds	$	198,572	$	84,328
Deferred tax liability	615		—
Accrued expenses and other liabilities	21,979		34,899
Total liabilities	221,166		119,227

Stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued and 96,998,075 shares issued, respectively	896		970
Additional paid-in capital	2,171,885		902,584
Retained earnings	485,862		458,943
Accumulated other comprehensive loss	(20,002)		(52,882)
Treasury stock, at cost; 5,545,511 shares and 7,019,384 shares, respectively	(142,580)		(87,676)

Total stockholders' equity	2,496,061		1,221,939
Total liabilities and stockholders' equity	$	2,717,227	$	1,341,166

Statements of Income


	Year Ended December 31,
	2025		2024		2023
	(In Thousands)
Interest and dividend income:
Dividend income from subsidiaries	$	45,000	$	57,000	$	46,500
Short-term investments	229		114		1
Restricted equity securities	16		—		—


Total interest and dividend income	45,245		57,114		46,501
Interest expense:
Borrowed funds	9,571		6,261		5,503
Total interest expense	9,571		6,261		5,503
Net interest income	35,674		50,853		40,998
Non-interest income:


Other	24		14		391
Total non-interest income	24		14		391
Non-interest expense:
Compensation and employee benefits (1)	(1,822)		504		334
Occupancy	1,623		1,623		1,602
Equipment and data processing (1)	(2,329)		(1,642)		(1,187)
Directors' fees	317		127		483
Franchise taxes	219		251		251
Insurance	322		762		832
Professional services (1)	(110)		(733)		(95)
Advertising and marketing	7		36		34
Merger and restructuring expense	5,804		3,378		6,182
Other (1)	(1,312)		(1,063)		(1,648)
Total non-interest expense	2,719		3,243		6,788
Income before income taxes	32,979		47,624		34,601
Credit for income taxes	(2,856)		(1,912)		(3,124)
Income before equity in undistributed income of subsidiaries	35,835		49,536		37,725
Equity in undistributed income of subsidiaries	54,436		19,179		37,274
Net income	$	90,271	$	68,715	$	74,999

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(1) The Parent Company received a net benefit in 2025, 2024 and 2023 from the intercompany allocation of expense that is eliminated in consolidation.

Statements of Cash Flows


	Year Ended December 31,
	2025		2024		2023
	(In Thousands)
Cash flows from operating activities:
Net income attributable to parent company	$	90,271	$	68,715	$	74,999
Adjustments to reconcile net income to net cash provided from operating activities:
Equity in undistributed income of subsidiaries	(54,436)		(19,179)		(37,274)
Depreciation of premises and equipment	1,411		1,477		1,514
Amortization of debt issuance costs	100		100		100

Other operating activities, net	(6,352)		7,274		(22,515)
Net cash provided from operating activities	30,994		58,387		16,824
Cash flows from investing activities:


Proceeds from sale of restricted equity securities	151		—		—

Purchase of premises and equipment	(436)		(1,167)		(48)
Net cash and cash equivalents acquired in acquisition	148,327		—		(107,332)
Net cash provided from (used for) investing activities	148,042		(1,167)		(107,380)
Cash flows from financing activities:







Payment of dividends on common stock	(63,119)		(48,058)		(47,926)

Net cash used for financing activities	(63,119)		(48,058)		(47,926)
Net increase (decrease) in cash and cash equivalents	115,917		9,162		(138,482)
Cash and cash equivalents at beginning of year	31,993		22,831		161,313
Cash and cash equivalents at end of year	$	147,910	$	31,993	$	22,831