Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Other Intangibles

Changes in the carrying amount of goodwill for the periods ended September 30, 2025 and December 31, 2024 by reportable segment are as follows (in thousands):


	Commercial Banking		Institutional Banking		Personal Banking		Total
Balances as of January 1, 2025	$	63,113	$	76,492	$	67,780	$	207,385
Acquisition of HTLF		976,748		—		651,165		1,627,913
Balances as of September 30, 2025	$	1,039,861	$	76,492	$	718,945	$	1,835,298


Balances as of January 1, 2024	$	63,113	$	76,492	$	67,780	$	207,385
Balances as of December 31, 2024	$	63,113	$	76,492	$	67,780	$	207,385

The following table lists the finite-lived intangible assets that continue to be subject to amortization as of September 30, 2025 and December 31, 2024 (in thousands):


	As of September 30, 2025
	Core Deposit Intangible Assets		Customer Relationships		Total
Gross carrying amount	$	481,294	$	123,212	$	604,506
Accumulated amortization		59,391		33,665		93,056
Net carrying amount	$	421,903	$	89,547	$	511,450


	As of December 31, 2024
	Core Deposit Intangible Assets		Customer Relationships		Total
Gross carrying amount	$	2,345	$	86,800	$	89,145
Accumulated amortization		1,600		23,898		25,498
Net carrying amount	$	745	$	62,902	$	63,647

Related to the acquisition of HTLF, the Company recognized $1.6 billion of goodwill, a $474.1 million core deposit intangible asset, wealth customer list of $26.0 million, and purchased credit card relationships of $10.9 million. See Note 13, “Acquisition” for additional information.

On September 2, 2025, the Company acquired a healthcare savings account business, which included $32.5 million of deposits. The purchase resulted in recognition of a $4.8 million core deposit intangible asset.

The following table has the aggregate amortization expense recognized in each period (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Aggregate amortization expense	$	25,317	$	1,917	$	68,067	$	5,788

The following table discloses the estimated amortization expense of intangible assets in future periods (in thousands):


For the three months ending December 31, 2025	$	25,433
For the year ending December 31, 2026		92,995
For the year ending December 31, 2027		82,404
For the year ending December 31, 2028		70,336
For the year ending December 31, 2029		61,390