Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of ASB Sale Transaction

A summary of the ASB sale transaction as of December 31, 2024 is as follows:

(in thousands)	December 31, 2024
Sale proceeds received	$	400,950
Sale proceeds not yet received	4,500
Investment retained in ASB	44,550
Transaction costs	(21,735)
Net assets derecognized	(546,458)
Loss from the sale of ASB	(118,193)
Income taxes	68,820
Income taxes - valuation allowance	(66,430)
Income taxes, net	2,390
Net loss on the sale transaction	(115,803)
Net income from operations of discontinued bank segment	12,317
Loss from discontinued operations	$	(103,486)

Summary of Discontinued Operations

The following table summarizes the income (loss) from discontinued operations included in the Consolidated Statements of Income for the periods presented:

Years ended December 31	2024		2023		2022
(in thousands)
Interest and dividend income
Interest and fees on loans	$	293,100	$	276,688	$	207,830
Interest and dividends on investment securities	55,944		58,095		58,044
Total interest and dividend income	349,044		334,783		265,874
Interest expense
Interest on deposit liabilities	72,727		48,905		7,327
Interest on other borrowings	27,442		33,892		5,974
Total interest expense	100,169		82,797		13,301
Net interest income	248,875		251,986		252,573
Provision for credit losses	(1,963)		10,357		2,037
Net interest income after provision for credit losses	250,838		241,629		250,536
Noninterest income
Fees from other financial services	20,797		19,034		19,830
Fee income on deposit liabilities	19,900		19,131		18,762
Fee income on other financial products	11,798		10,616		10,291
Bank-owned life insurance	13,079		7,390		2,533
Mortgage banking income	1,419		910		1,692
Gain on sale of real estate	—		495		1,778
Loss on sale of investment securities, net	—		(14,965)		—
Other income, net	2,535		2,799		2,086
Total noninterest income	69,528		45,410		56,972
Noninterest expense
Compensation and employee benefits	126,936		118,297		113,839
Occupancy	21,382		21,703		24,026
Data processing	19,612		20,545		17,681
Services	17,485		13,943		10,679
Equipment	9,914		11,842		10,100
Office supplies, printing and postage	4,085		4,315		4,398
Marketing	3,506		4,001		3,968
Goodwill impairment	82,190		—		—
FDIC insurance	5,992		6,230		3,591
Other expense	15,907		22,762		16,985
Total noninterest expense	307,009		223,638		205,267
Income before income taxes	13,357		63,401		102,241
Income taxes	1,040		10,039		22,252
Net income from operations of discontinued bank segment	12,317		53,362		79,989
Loss from the sale of ASB	(118,193)		—		—
Income tax benefit	2,390		—		—
Income (loss) from discontinued operations	$	(103,486)	$	53,362	$	79,989

The following table summarizes the assets and liabilities of discontinued operations on a stand alone basis as of December 31, 2023:

(in thousands)	2023
Assets
Cash and due from banks	$	184,383
Interest-bearing deposits	251,072
Cash and cash equivalents	435,455
Investment securities
Available-for-sale, at fair value	1,136,439
Held-to-maturity, at amortized cost	1,201,314
Stock in Federal Home Loan Bank, at cost	14,728
Loans held for investment	6,180,810
Allowance for credit losses	(74,372)
Net loans	6,106,438
Loans held for sale, at lower of cost or fair value	15,168
Other	681,460
Goodwill	82,190
Total assets of discontinued operations1	$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing	$	2,599,762
Deposit liabilities–interest-bearing	5,546,016
Other borrowings	750,000
Other	247,563
Total liabilities of discontinued operations1	$	9,143,341

1     The total assets and liabilities of discontinued operations on a stand alone basis in the table above does not agree to the total assets and liabilities of discontinued operations included in the Consolidated Balance Sheet, as totals per the Consolidated Balance sheet include reclassifying entries required for consolidation purposes.