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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table summarizes changes in the carrying amount of goodwill:
|  |  |  |  | At December 31,
(In thousands) |  |  | 2024 |  | 2023
Balance, beginning of period |  |  |  |  | $ | 2,631,465 |  |  | $ | 2,514,104 |
Ametros acquisition (1) |  |  |  |  | 236,603 |  |  | — |
interLINK acquisition |  |  |  |  | — |  |  | 143,216 |
Bend acquisition (2) |  |  |  |  | — |  |  | (294) |
Sterling merger (2) |  |  |  |  | — |  |  | (25,561) |
Balance, end of period |  |  |  |  | $ | 2,868,068 |  |  | $ | 2,631,465 |
(1)Reflects the $228.2 million of goodwill recorded in connection with the Ametros acquisition in January 2024, and $8.4 million of other adjustments. The allocation of the purchase price and goodwill calculation for the Ametros acquisition was final as of December 31, 2024. (2)The 2023 changes reflect adjustments recorded within the one-year measurement period, which were identified as a result of extended information gathering and new information that arose from integration activities. The allocation of the purchase price and goodwill calculations for both the Sterling merger and Bend acquisition were final as of March 31, 2023. Information regarding goodwill by reportable segment can be found within Note 21: Segment Reporting. Other Intangible Assets The following table summarizes other intangible assets:
| At December 31,
| 2024 |  | 2023
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount
Core deposits (1) | $ | 328,837 |  | $ | 76,795 |  | $ | 252,042 |  |  | $ | 146,037 |  | $ | 53,986 |  | $ | 92,051 |
Customer relationships (2) | 122,063 |  | 47,186 |  | 74,877 |  |  | 151,000 |  | 43,116 |  | 107,884 |
Non-competition agreement | 4,000 |  | 1,600 |  | 2,400 |  |  | 4,000 |  | 800 |  | 3,200 |
Trade name (1) | 6,100 |  | 1,118 |  | 4,982 |  |  | — |  | — |  | — |
Other intangible assets | $ | 461,000 |  | $ | 126,699 |  | $ | 334,301 |  |  | $ | 301,037 |  | $ | 97,902 |  | $ | 203,135 |
(1)The increase in the gross carrying amount is due to the Ametros acquisition in January 2024, which resulted in the identification and recognition of a $182.8 million core deposit intangible asset and a $6.1 million trade name. (2)The decrease in the net carrying amount is primarily due to the write-off of the factored receivables customer relationship intangible asset, which had a net carrying amount of $19.7 million ($27.0 million gross carrying amount net of $7.3 million in accumulated amortization), in connection with the sale of the factored receivables portfolio in September 2024. The net carrying amount of the factored receivables customer relationship intangible asset was included in Commercial Banking for segment reporting purposes. Further, during the third quarter of 2024, the Company also recognized a $1.9 million impairment loss on its payroll finance customer relationship intangible asset resulting from higher customer attrition and a reduction in forecasted future cash flows. The fair value of the payroll finance customer relationship intangible asset at the revaluation date was estimated to be $28.0 million, which was determined using a discounted cash flow methodology that reflected the estimated future value of the future net earnings, with adjustments for attrition. The net carrying amount of the payroll finance customer relationship intangible asset is included in Commercial Banking for segment reporting purposes. The remaining estimated aggregate future amortization expense for other intangible assets is as follows:
(In thousands) | At December 31, 2024
2025 | $ | 36,051 |
2026 | 34,083 |
2027 | 33,033 |
2028 | 30,162 |
2029 | 28,289 |
Thereafter | 172,683 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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