Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill 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 mergers and acquisitions. In the third quarter of 2025, the Company recorded $452 million of goodwill associated with the acquisition of Pacific Premier. Additional information on the acquisition and purchase price allocations is provided in Note 2 – Business Combinations.

The following table presents the changes in the carrying amount of goodwill:


(in millions)	Goodwill
Balance, December 31, 2024	$	1,029
Acquisitions and adjustments	452
Balance, September 30, 2025	$	1,481

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. In the third quarter of 2025, the Company recorded $355 million of core deposit intangibles associated with the acquisition of Pacific Premier.

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 millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2025	$	1,065	$	(311)	$	754
December 31, 2024	$	710	$	(226)	$	484

Amortization expense recognized on intangible assets was $31 million and $85 million for the three and nine months ended September 30, 2025, respectively, and $29 million and $90 million for the three and nine months ended September 30, 2024, respectively.

The table below presents the forecasted amortization expense for intangible assets as of September 30, 2025:


(in millions)
Year	Expected Amortization
Remainder of 2025	$	42
2026	155
2027	136
2028	116
2029	97
Thereafter	208
Total intangible assets	$	754