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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 5. GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from previous acquisitions. The Company has determined that CDI have finite lives and amortizes them over their estimated useful lives. CDI are being amortized over the period of expected benefit, which ranges from four years to ten years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from four years to ten years, using various methods. The Company concluded that there was no impairment to goodwill or intangible assets as of the balance sheet date. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Company’s impairment process. As a result of the American National acquisition, the Company’s associated goodwill at September 30, 2024 totaled $287.5 million. During the quarter ended September 30, 2024, the Company adjusted the American National acquisition allocation of the purchase price for certain provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period and reclassification adjustments recorded in this quarter relate to deferred taxes, the fair values of long-term borrowings, and foreclosed properties, which resulted in a $5.2 million increase in the preliminary goodwill recognized during the second quarter of 2024. The following table provides information on the significant components of goodwill and other acquired intangible assets as of the periods ended (dollars in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | Additions: |  | ​ | ​ |  | Net
​ | ​ | Carrying | ​ | American National | ​ | Accumulated | ​ | Carrying
​ | ​ | Value | ​ | Acquisition (1) | ​ | Amortization | ​ | Value
September 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Goodwill | ​ | $ | 925,211 | ​ | $ | 287,499 | ​ | $ | — | ​ | $ | 1,212,710
CDI | ​ | ​ | 85,491 | ​ | ​ | 74,410 | ​ | ​ | (80,828) | ​ | ​ | 79,073
Other amortizable intangibles | ​ | ​ | 3,977 | ​ | ​ | 10,277 | ​ | ​ | (3,151) | ​ | ​ | 11,103
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Goodwill | ​ | $ | 925,211 | ​ | $ | — | ​ | $ | — | ​ | $ | 925,211
CDI | ​ | ​ | 85,491 | ​ | ​ | — | ​ | ​ | (68,599) | ​ | ​ | 16,892
Other amortizable intangibles | ​ |  | 3,977 | ​ |  | — | ​ |  | (1,686) | ​ |  | 2,291
(1) Includes initial goodwill of $282.3 million and a goodwill adjustment of $5.2 million related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information. ​ The following table presents the Company’s goodwill and intangible assets by operating segment as of the periods ended (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
September 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Goodwill (1) | ​ | $ | 845,239 | ​ | $ | 362,245 | ​ | $ | 5,226 | ​ | $ | 1,212,710
Intangible Assets (2) | ​ |  | 9,032 | ​ |  | 830 | ​ |  | 80,314 | ​ |  | 90,176
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Goodwill | ​ | $ | 639,180 | ​ | $ | 286,031 | ​ | $ | — | ​ | $ | 925,211
Intangible Assets | ​ |  | 1,302 | ​ |  | 989 | ​ |  | 16,892 | ​ |  | 19,183
(1) Wholesale Banking and Consumer Banking includes gross carrying values of $209.9 million and $77.6 million, respectively, which were added in the second quarter of 2024 related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information. (2) Wholesale Banking and Corporate Other includes gross carrying values of $8.4 million and $76.3 million, respectively, which were added in the second quarter of 2024 related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information. ​ ​​ ​ Amortization expense of intangibles for the three months ended September 30, 2024 and 2023 totaled $5.8 million and $2.2 million, respectively. Amortization expense of intangibles for the nine months ended September 30, 2024 and 2023 totaled $13.7 million and $6.7 million, respectively. As of September 30, 2024, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands):
​ | ​ | ​ | ​
For the remaining three months of 2024 |  | $ | 5,615
2025 | ​ | ​ | 19,950
2026 | ​ | ​ | 16,245
2027 | ​ | ​ | 12,936
2028 | ​ | ​ | 10,151
Thereafter | ​ | ​ | 25,279
Total estimated amortization expense | ​ | $ | 90,176
​

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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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