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Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 203,388,000 $ 187,849,000
Interest-earning deposits with banks 707,408,000 32,041,000
Securities    
Trading 4,611,000 4,245,000
Equity 21,567,000 21,204,000
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,941,220,000 1,250,944,000
Held to maturity (fair value $1,260,752 and $1,291,801) 1,357,617,000 1,434,956,000
Total securities 3,325,015,000 2,711,349,000
Loans held for sale (at fair value) 17,052,000 7,271,000
Loans    
Total loans [1] 18,452,443,000 14,508,378,000 [2]
Less: allowance for credit losses (190,476,000) [3] (169,984,000)
Net loans 18,261,967,000 14,338,394,000
Federal Home Loan Bank stock 21,835,000 31,573,000
Bank premises and equipment, net 221,165,000 193,320,000
Goodwill 1,083,374,000 985,072,000
Other intangible assets 141,732,000 12,284,000
Cash surrender value of life insurance policies 376,163,000 303,965,000
Other assets 634,140,000 570,447,000
Total assets 24,993,239,000 19,373,565,000
Deposits    
Non-interest-bearing demand deposits 5,635,911,000 4,390,703,000
Savings and interest checking accounts 7,111,570,000 5,207,548,000
Money market 4,128,400,000 2,960,381,000
Time certificates of deposit 3,419,988,000 2,747,346,000
Total deposits 20,295,869,000 15,305,978,000
Borrowings    
Federal Home Loan Bank and other borrowings 416,240,000 638,514,000
Junior Subordinated Notes 62,862,000 62,860,000
Subordinated Debt 296,275,000 0
Total borrowings 775,377,000 701,374,000
Other liabilities 375,106,000 373,093,000
Total liabilities 21,446,352,000 16,380,445,000
Commitments and contingencies 0 0
Stockholders' equity    
Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none 0 0
Common stock, $0.01 par value, authorized: 75,000,000 shares, issued and outstanding: 49,787,305 shares at September 30, 2025 and 42,500,611 shares at December 31, 2024 (includes 260,511 and 199,410 shares of unvested participating restricted stock awards, respectively) 495,000 423,000
Value of shares held in rabbi trust at cost: 77,118 shares at September 30, 2025 and 78,088 shares at December 31, 2024 (3,505,000) (3,383,000)
Deferred compensation and other retirement benefit obligations 3,505,000 3,383,000
Additional paid in capital 2,371,111,000 1,909,980,000
Retained earnings 1,222,843,000 1,172,724,000
Accumulated other comprehensive loss, net of tax (47,562,000) (90,007,000)
Total stockholders’ equity 3,546,887,000 2,993,120,000
Total liabilities and stockholders’ equity 24,993,239,000 19,373,565,000
Commercial And Industrial [Member]    
Loans    
Total loans [1],[4] 4,532,294,000 3,246,455,000 [2]
Less: allowance for credit losses (54,482,000) [3] (30,799,000)
Commercial Real Estate [Member]    
Loans    
Total loans [1],[4] 8,241,458,000 6,839,705,000 [2]
Less: allowance for credit losses (77,083,000) [3] (93,718,000)
Construction Loans [Member]    
Loans    
Total loans [1] 1,439,876,000 782,078,000 [2]
Less: allowance for credit losses (15,933,000) [3] (8,166,000)
Residential Real Estate [Member]    
Loans    
Total loans [1] 2,917,101,000 2,460,600,000 [2]
Less: allowance for credit losses (29,890,000) [3] (25,238,000)
Home Equity Loan [Member]    
Loans    
Total loans [1] 1,284,139,000 1,140,168,000 [2]
Less: allowance for credit losses (12,187,000) [3] (11,007,000)
Consumer Portfolio Segment [Member]    
Loans    
Total loans [5] 37,575,000 39,372,000 [2]
Less: allowance for credit losses (901,000) [3] (1,056,000)
Senior Lien [Member] | Home Equity Loan [Member]    
Loans    
Total loans 511,482,000 490,115,000
Junior Lien [Member] | Home Equity Loan [Member]    
Loans    
Total loans $ 772,657,000 $ 650,053,000
[1]
(2)Loan origination dates in the tables above reflect the original origination date, or the date of a material modification of a previously originated loan.
[2] The amount of net deferred fees/costs on originated loans included in the ending balance was $7.2 million and $6.1 million at September 30, 2025 and December 31, 2024, respectively. Net unamortized discounts on acquired loans included in the ending balance were $163.1 million and $8.1 million at September 30, 2025 and December 31, 2024, respectively.
[3] Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $70.8 million and $55.3 million as of September 30, 2025 and September 30, 2024, respectively.
[4]
(1)Commercial and industrial and commercial real estate balances as of September 30, 2025 presented above vary from amounts previously reported in the Company’s third quarter 2025 earnings release. These reported amounts reflect a reclassification of commercial and industrial loan balances to the commercial real estate category based upon further review of loan classifications subsequent to the system conversion of Enterprise Bancorp, Inc., parent of Enterprise Bank and Trust Company (collectively “Enterprise”). Reported amounts throughout this Form 10-Q are reflective of this reclassification, where applicable.
[5] Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. (2)The amount of net deferred fees/costs on originated loans included in the ending balance was $7.2 million and $6.1 million at September 30, 2025 and December 31, 2024, respectively. Net unamortized discounts on acquired loans included in the ending balance were $163.1 million and $8.1 million at September 30, 2025 and December 31, 2024, respectively.