Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)


	2025 Quarters
	Fourth		Third		Second		First
	(Dollars in Thousands Except Per Share Data)
Interest and dividend income	$	312,583	$	212,405	$	154,072	$	153,728
Interest expense	112,842		83,555		65,387		67,898
Net interest income	199,741		128,850		88,685		85,830
Provision for credit losses	8,106		20,300		7,000		5,986
Net interest income after provision for credit losses	191,635		108,550		81,685		79,844
Loan level derivative income, net	721		635		(4)		70

Gain on sales of loans and leases	4,154		1,175		264		24
Other non-interest income	21,043		10,535		5,710		5,566
Amortization of identified intangible assets	(8,777)		(3,587)		(1,431)		(1,430)
Other non-interest expense	(133,589)		(125,709)		(56,630)		(58,592)
Income (loss) before provision for income taxes	75,187		(8,401)		29,594		25,482
Provision for income taxes	21,821		(4,180)		7,568		6,382


Net income (loss)	$	53,366	$	(4,221)	$	22,026	$	19,100
Earnings per share:
Basic	$	0.64	$	(0.05)	$	0.25	$	0.21
Diluted	0.64		(0.05)		0.25		0.21
Average common shares outstanding:
Basic	83,851,381		87,508,517		89,104,605		89,103,510
Diluted	83,878,047		87,832,552		89,612,781		89,567,747
Common stock price:
High	$	27.96	$	26.83	$	11.11	$	12.69
Low	23.12		23.68		9.53		10.72
Dividends per share	$	0.323	$	0.323	$	0.135	$	0.135

In November 2025, the FASB issued ASU 2025-08, "Financial Instruments - Credit Losses (Topic 326): Purchased Loans". This ASU aligns the initial recognition of the allowance for loan losses on purchased loans between PCD and non‑PCD assets by applying the gross‑up approach previously required only for PCD loans. The Company elected to adopt this ASU, effective January 1, 2025, and applied it to the Transaction completed in the third quarter, as permitted under the guidance.


	2024 Quarters
	Fourth		Third		Second		First
	(Dollars in Thousands Except Per Share Data)
Interest and dividend income	$	158,147	$	159,560	$	155,355	$	155,459
Interest expense	73,159		76,552		75,354		73,871
Net interest income	84,988		83,008		80,001		81,588
(Credit) provision for credit losses	4,037		4,660		5,568		7,379
Net interest income after provision for credit losses	80,951		78,348		74,433		74,209
Loan level derivative income, net	1,115		—		106		437

Gain on sales of loans and leases	406		415		130		—
Other non-interest income	5,066		5,933		6,160		5,847
Amortization of identified intangible assets	(1,701)		(1,668)		(1,669)		(1,708)
Other non-interest expense	(62,018)		(56,280)		(57,515)		(59,306)
Income before provision for income taxes	23,819		26,748		21,645		19,479
Provision for income taxes	6,283		6,606		5,273		4,814


Net income	$	17,536	$	20,142	$	16,372	$	14,665
Earnings per share:
Basic	$	0.20	$	0.23	$	0.18	$	0.16
Diluted	0.20		0.23		0.18		0.16
Average common shares outstanding:
Basic	89,098,443		89,033,463		88,904,692		88,894,577
Diluted	89,483,964		89,319,611		89,222,315		89,181,508
Common stock price:
High	$	12.81	$	10.54	$	9.70	$	11.48
Low	9.70		8.43		8.15		9.23
Dividends per share	$	0.135	$	0.135	$	0.135	$	0.135