Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Other Intangibles

Changes in the carrying amount of goodwill for the periods ended March 31, 2026 and December 31, 2025 by reportable segment are as follows (in thousands):


	Commercial Banking			Institutional Banking		Personal Banking			Total
Balances as of January 1, 2026	$	1,042,577		$	76,492	$	720,756		$	1,839,825
Acquisition of HTLF		(1,339	)		—		(892	)		(2,231	)
Balances as of March 31, 2026	$	1,041,238		$	76,492	$	719,864		$	1,837,594


Balances as of January 1, 2025	$	63,113		$	76,492	$	67,780		$	207,385
Acquisition of HTLF		979,464			—		652,976			1,632,440
Balances as of December 31, 2025	$	1,042,577		$	76,492	$	720,756		$	1,839,825

The following table lists the finite-lived intangible assets that continue to be subject to amortization as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
	Core Deposit Intangible Assets		Customer Relationships		Total
Gross carrying amount	$	481,294	$	124,085	$	605,379
Accumulated amortization		101,011		40,959		141,970
Net carrying amount	$	380,283	$	83,126	$	463,409


	As of December 31, 2025
	Core Deposit Intangible Assets		Customer Relationships		Total
Gross carrying amount	$	481,294	$	124,085	$	605,379
Accumulated amortization		81,203		37,307		118,510
Net carrying amount	$	400,091	$	86,778	$	486,869

Related to the acquisition of HTLF, the Company recognized an adjustment of $2.2 million to goodwill during the period ended March 31, 2026. During 2025, 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 March 31,
	2026		2025
Aggregate amortization expense	$	23,460	$	17,482

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


For the nine months ending December 31, 2026	$	69,660
For the year ending December 31, 2027		82,528
For the year ending December 31, 2028		70,461
For the year ending December 31, 2029		61,515
For the year ending December 31, 2030		52,901