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Business Developments (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of Purchase Price Allocation
The acquisition was accounted for as a business combination. Accordingly, the total purchase price, which included cash paid of $359.7 million, the forgiveness of $12.9 million in long-term debt, and the assumption of a $5.8 million liability for the Seller’s transaction expenses, has been allocated to the identifiable assets acquired and liabilities assumed based on their acquisition-date fair values, as summarized in the following table:
(In thousands)Fair Value
Purchase price consideration$378,424 
Assets:
Cash and due from banks310 
Premises and equipment
1,078 
Other intangible assets188,900 
Deferred tax assets, net(35,889)
Other assets:
Funds held in escrow288,167 
Accounts receivable 2,435 
Prepaid expenses1,166 
Total other assets291,768 
Total assets acquired$446,167 
Liabilities:
Interest-bearing deposits (1)
(20,622)
Other liabilities:
Accounts payable 684 
Accrued expenses4,270 
Deferred revenue20,391 
Members’ funds288,167 
Operating lease liabilities838 
Total other liabilities314,350 
Total liabilities assumed$293,728 
Net assets acquired152,439 
Pre-existing equity interest (2)
$2,200 
Goodwill$228,185 
(1)The $20.6 million reflects the amount held in Ametros’ operating cash account at the Bank on January 24, 2024. Upon acquisition, such cash and the Bank’s corresponding deposit liability owed to Ametros were eliminated in consolidation, which resulted in a decrease to interest-bearing deposits for the Bank and the Bank’s legal title to the funds being held in such operating cash account.
(2)Prior to the acquisition date, the Company had a 0.6% equity interest in Ametros. The consideration transferred reflects the purchase price for the remaining 99.4% of the business. Upon acquisition, the Company recognized a $1.5 million gain in Other income on the accompanying Condensed Consolidated Statement of Income, which represents the difference between the cost basis and estimated acquisition-date fair value of the Company’s pre-existing equity interest in Ametros.