Intangible Assets, Goodwill and Other

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

The Company had $1.0 billion in goodwill as of September 30, 2024 and December 31, 2023, which represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of fair value of liabilities assumed in connection with the Merger. Goodwill is not amortized but is evaluated for potential impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company performed its annual impairment assessment as of October 31, 2023. No events or circumstances since the annual impairment test were noted that would indicate it was more likely than not that a goodwill impairment exists.

Core deposit intangible assets values were determined based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative source of funding. The intangible assets are being amortized on an accelerated basis over a period of 10 years. No impairment losses have been recognized in the periods presented.

The following table summarizes other intangible assets as of the dates presented:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2024 (1)	$	710,230	$	(196,927)	$	513,303
December 31, 2023	$	764,791	$	(161,112)	$	603,679

(1) The current year period was adjusted to remove fully amortized amounts.

Amortization expense recognized on intangible assets was $29.1 million and $90.4 million for the three and nine months ended September 30, 2024, respectively, and $29.9 million and $78.1 million for the three and nine months ended September 30, 2023, respectively.

The table below presents the forecasted amortization expense for intangible assets as of September 30, 2024:


(in thousands)
Year	Expected Amortization
Remainder of 2024	$	29,055
2025	105,458
2026	92,545
2027	79,632
2028	66,719
Thereafter	139,894
Total intangible assets	$	513,303