Equity Method Investments

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Note 4 — Equity Method Investments

On July 1, 2025, the Company increased its ownership in Argent Financial Group, Inc. to an amount in excess of 20% of the outstanding shares of capital stock through a series of acquisitions of previously issued shares from other shareholders, resulting in the application of the equity method for this investment. The Company identified a total basis difference of $39.3 million, consisting of $23.8 million of equity method goodwill and $19.7 million of identifiable intangible assets, partially offset by a $4.2 million deferred tax liability. The identifiable intangible basis differences are being amortized on a straight-line basis over estimated useful lives of 11-19 years, with the related deferred tax liability being released over the same period. The goodwill is not subject to amortization. The Company evaluates equity method investments for impairment whenever events or changes in circumstance indicate that the carrying amount of an investment might not be recoverable.

The Company’s percentage of ownership and carrying amount of the equity method investments are summarized as follows:


	September 30, 2025				December 31, 2024
(Dollars in thousands)	Ownership %		Carrying Amount			Ownership %		Carrying Amount
Argent Financial Group, Inc.	20.1	%	$	49,788		N/A		N/A
Various equity method investments in limited partnerships and LLCs (1)	6.1		15,855			5.1	%	$	18,971
Equity method investments			$	65,643				$	18,971

________________________

(1)The ownership percentage represents the weighted average ownership for equity method investments in limited partnerships and LLCs.

The Company’s proportionate share of the income (loss) resulting from these investments is reported through “Equity method investment income (loss)” in the Company’s consolidated statements of income.