Quarterly report [Sections 13 or 15(d)]

ACQUISITIONS (Tables)

v3.25.2
ACQUISITIONS (Tables)
6 Months Ended
Jun. 30, 2025
Schedule of pro forma amounts

The following table presents for illustrative purposes only certain pro forma information as if the Company had acquired Sandy Spring and American National on January 1, 2024. These results combine the historical results of Sandy Spring and American National in the Company's Consolidated Statements of Income and while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2024. No adjustments have been made to the pro forma results regarding possible revenue enhancements, provision for credit losses, or expense efficiencies. Pro forma adjustments below include the net impact of Sandy Spring’s and American National’s accretion and the elimination of merger-related costs, as disclosed below. The Company expects to achieve further operating cost savings and other business synergies, as a result of the acquisitions, which are not reflected in the pro forma amounts below (dollars in thousands):

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Pro forma

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Pro forma

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Three Months Ended

​

Six Months Ended

​

​

June 30,

​

June 30,

​

    

2025 (2)

    

2024 (3)

    

2025 (2)

    

2024 (3)

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​

(unaudited)

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(unaudited)

​

(unaudited)

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(unaudited)

Total revenues (1)

 

$

402,893

 

$

350,297

 

$

658,300

 

$

697,051

Net income available to common shareholders (4)

 

$

80,173

 

$

90,663

 

$

152,657

 

$

191,671

(1) Includes net interest income and noninterest income.

(2) Includes the net impact of Sandy Spring’s accretion adjustments of $21.0 million for the six months ended June 30, 2025. There were no pro forma net accretion adjustments for the three months ended June 30, 2025.

(3) Includes the net impact of Sandy Spring’s accretion adjustments of $21.4 million and $42.6 million for the three and six months ended June 30, 2024, respectively, and the net impact of American National’s accretion adjustments of $5.0 million for the six months ended June 30, 2024. There were no pro forma net accretion adjustments for American National for the three months ended June 30, 2024.

(4) For the periods presented, excludes merger-related costs as noted below.

American National  
Schedule of consideration transferred and fair value of assets acquired and liabilities assumed

The following table provides a summary of the consideration transferred and the fair value of the assets acquired and liabilities assumed as of the date of the American National acquisition, (dollars in thousands):

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Purchase price consideration

 

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$

505,473

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Fair value of assets acquired:

 

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Cash and cash equivalents

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$

55,060

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Securities available for sale

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507,764

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Loans held for sale

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2,611

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Loans held for investment

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​

2,151,517

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​

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Premises and equipment

​

 

35,802

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Core deposit intangibles and other intangibles

​

 

84,687

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Bank owned life insurance

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​

30,627

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​

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Other assets

​

 

78,829

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Total assets

​

$

2,946,897

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​

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Fair value of liabilities assumed:

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Deposits

​

$

2,583,089

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Short-term borrowings

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98,336

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Long-term borrowings

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25,890

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Other liabilities

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22,951

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Total liabilities

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$

2,730,266

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Fair value of net assets acquired

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​

$

216,631

Goodwill

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$

288,842

Sandy Spring  
Schedule of consideration transferred and fair value of assets acquired and liabilities assumed

The following table provides a preliminary assessment of the consideration transferred and the fair value of the assets acquired and liabilities assumed as of the date of the Sandy Spring acquisition (dollars in thousands).

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Purchase price consideration

 

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$

1,275,969

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​

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Fair value of assets acquired:

 

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Cash and cash equivalents

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$

270,211

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Securities available for sale

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1,266,925

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Restricted stock

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​

68,310

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Loans held for sale - commercial real estate ("CRE")

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1,839,968

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Loans held for sale - Non-CRE

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​

28,822

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Loans held for investment

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​

8,630,977

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Premises and equipment

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59,402

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Core deposit intangibles and other intangibles

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290,650

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Bank owned life insurance

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​

170,482

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Lease right of use assets

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​

40,808

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Other assets (1)

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322,417

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Total assets

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$

12,988,972

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Fair value of liabilities assumed:

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Deposits

​

$

11,227,442

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Short-term borrowings

​

 

272,201

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Long-term borrowings

​

 

560,761

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Lease liabilities

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​

40,808

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Other liabilities

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108,650

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Total liabilities

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$

12,209,862

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Fair value of net assets acquired

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$

779,110

Goodwill

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$

496,859

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(1) Other assets include deferred tax assets, accrued interest receivable, accounts receivable, and other intangibles, as well as other miscellaneous assets acquired from Sandy Spring.