Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of merger from Cambridge:

	Net Assets Acquired at Fair Value
	(In thousands)
Assets
Cash and due from banks	$	20,008
Short-term investments	4,877
Investment securities	883,021
Loans	3,650,600
Allowance for loan losses	(55,830)
FHLB stock	27,255
Premises and equipment	23,417
Bank owned life insurance	35,676
Goodwill	357,322
Intangible assets	141,200
Deferred income taxes, net	107,989
Other assets	134,608
Total assets acquired	5,330,143
Liabilities
Deposits (1)	3,873,717
FHLB advances (2)	782,000
Escrow deposits of borrowers	3,633
Other liabilities	90,200
Total liabilities assumed	4,749,550
Purchase price	$	580,593

(1)Includes certificates of deposit, at fair value, of $418.7 million.

(2)The FHLB advances assumed were overnight borrowings which matured immediately following the completion of the merger and therefore were not adjusted to fair value.

Schedule of Difference Between the Purchase Price and Par Value of PCD Loans

The following is a reconciliation of the difference between the purchase price and par value of PCD loans acquired in the merger:

	As of July 12, 2024
	(In thousands)
Gross amortized cost basis at July 12, 2024	$	356,148
Allowance for loan losses on PCD loans	(55,830)
Interest and liquidity discount	(26,019)
Purchase price of PCD loans (at fair value)	$	274,299

Schedule of Merger and Acquisition Expenses

These merger and acquisition expenses were included in the following line items of the Consolidated Statements of Income:

	For the Years Ended December 31,
	2024		2023
	(In thousands)
Salaries and employee benefits	$	14,719	$	5
Office occupancy and equipment	4,583		2
Data processing	4,919		1,357
Professional services	7,320		4,080
Marketing	70		—
Other noninterest expense	5,053		51
	$	36,664	$	5,495

Schedule of Business Acquisition, Pro Forma Information

As a result, actual amounts would have differed from the unaudited pro forma information presented.

	Unaudited Pro Forma Financial Information for the Years Ended December 31,
	2024		2023
	(In thousands)
Net interest income	$	681,467	$	722,380
Net income (loss)	126,158		(4,342)