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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Note 7—Goodwill and Other Intangible Assets

The carrying amount of goodwill was $1.9 billion at December 31, 2024 and December 31, 2023.

The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2024, and determined there was no impairment of the Company’s goodwill. Management continues to monitor the impact of market conditions on the Company’s business, operating results, cash flows and/or financial condition.

There were no changes in the carrying amounts of goodwill during 2024 or 2023.

The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, client list intangibles, and SBA servicing assets are included on the face of the balance sheet. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets:


	December 31,
(Dollars in thousands)	2024		2023
Gross carrying amount	$	274,829	$	274,753
Accumulated amortization		(208,371)		(185,977)
	$	66,458	$	88,776

Amortization expense totaled $22.4 million, $27.6 million and $33.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Other intangibles, except for SBA servicing assets which are carried at fair value, are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two and 15 years for customer lists.

Estimated amortization expense for amortizing other intangibles for each of the next five years is as follows:


(Dollars in thousands)
Year ended December 31:
2025	$	18,766
2026		15,232
2027		11,756
2028		8,020
2029		4,509
Thereafter		2,146
	$	60,429