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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 6. GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. Refer to Note 1 “Summary of Significant Accounting Polices” in this Form 10-K for more information on the Company’s goodwill and intangible asset policies. The Company analyzed its intangible assets on a quarterly basis throughout 2024, and concluded no impairment existed as of the balance sheet date. The Company recorded preliminary goodwill related to the American National acquisition of $288.8 million at December 31, 2024. During the year ended December 31, 2024, the Company adjusted the purchase price allocation related to the acquisition 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. Measurement period and reclassification adjustments recorded during the third and fourth quarters of 2024 related to the Company’s foreclosed properties, deferred taxes, and long-term borrowings, which resulted in an increase of $5.2 million and $1.3 million, respectively, in the amount of preliminary goodwill recorded in the second quarter of 2024. Refer to Note 2 “Acquisitions” in this Form 10-K for more information on the Company’s goodwill and intangible assets. ​ Effective January 1, 2023, the Company made an organizational change to move certain lines of business in the wealth management division that primarily serve Wholesale Banking customers from the Consumer Banking segment to the Wholesale Banking segment. As a result, the Company re-allocated $9.6 million and $1.6 million of goodwill and intangible assets, respectively, from the Consumer Banking segment to the Wholesale Banking segment. The Company determined that there was no impairment to the Bank’s goodwill prior to or after re-allocating goodwill. The Company revised its goodwill and intangible assets segment information for the year ended December 31, 2022 based on this organizational change. ​ The following table provides information on the significant components of goodwill and other acquired intangible assets as of December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | Additions: |  | ​ | ​ |  | Net
​ | ​ | Carrying | ​ | American National | ​ | Accumulated | ​ | Carrying
​ | ​ | Value | ​ | Acquisition (1) | ​ | Amortization | ​ | Value
2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Goodwill | ​ | $ | 925,211 | ​ | $ | 288,842 | ​ | $ | — | ​ | $ | 1,214,053
Core deposit intangibles | ​ | ​ | 85,491 | ​ | ​ | 74,410 | ​ | ​ | (85,768) | ​ | ​ | 74,133
Other amortizable intangibles | ​ | ​ | 3,977 | ​ | ​ | 10,277 | ​ | ​ | (3,824) | ​ | ​ | 10,430
2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Goodwill | ​ | $ | 925,211 | ​ | $ | — | ​ | $ | — | ​ | $ | 925,211
Core deposit intangibles | ​ | ​ | 85,491 | ​ | ​ | — | ​ | ​ | (68,599) | ​ | ​ | 16,892
Other amortizable intangibles | ​ |  | 3,977 | ​ |  | — | ​ |  | (1,686) | ​ |  | 2,291
(1) Includes initial goodwill of $282.3 million and goodwill adjustments totaling $6.5 million related to the American National acquisition. ​ The following table presents the Company’s goodwill and intangible assets by operating segment as of December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2024 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
Goodwill (1) | ​ | $ | 850,035 | ​ | $ | 364,018 | ​ | $ | — | ​ | $ | 1,214,053
Intangible Assets (2) | ​ |  | 8,714 | ​ |  | 778 | ​ |  | 75,071 | ​ |  | 84,563
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 $210.8 million and $78.0 million, respectively, which were added in 2024 related to the American National acquisition. (2) Wholesale Banking and Corporate Other includes gross carrying values of $8.4 million and $76.3 million, respectively, which were added in 2024 related to the American National acquisition. ​ Amortization expense of intangibles for the years ended December 31, 2024, 2023, and 2022 totaled $19.3 million, $8.8 million, and $10.8 million, respectively. ​ As of December 31, 2024, the estimated remaining amortization expense of intangibles is as follows for the years ended (dollars in thousands): ​
​ | ​ | ​ | ​
2025 | ​ | ​ | 19,950
2026 | ​ | ​ | 16,245
2027 | ​ | ​ | 12,936
2028 | ​ | ​ | 10,151
2029 | ​ | ​ | 7,872
Thereafter | ​ | ​ | 17,409
Total estimated amortization expense | ​ | $ | 84,563
​

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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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