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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

NOTE F: GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:


	December 31, 2024						December 31, 2023
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
(000’s omitted)	Amount		Amortization		Amount		Amount		Amortization		Amount
Amortizing intangible assets:
Core deposit intangibles	$	77,373	$	(72,225)	$	5,148	$	77,373	$	(69,214)	$	8,159
Other intangibles		135,833		(92,735)		43,098		125,919		(81,487)		44,432
Total amortizing intangibles	$	213,206	$	(164,960)	$	48,246	$	203,292	$	(150,701)	$	52,591

The estimated aggregate amortization expense of other intangibles for each of the five succeeding fiscal years ended December 31 is as follows (000’s omitted):


Year	Amount
2025	$	12,733
2026		11,191
2027		5,370
2028		4,061
2029		3,366
Thereafter		11,525
Total	$	48,246

Shown below are the components of the Company’s goodwill at December 31, 2024, 2023, and 2022:


		December 31,	Additions/		December 31,		Additions/		December 31,
(000’s omitted)		2022	Adjustments		2023		Adjustments		2024
Goodwill	$	841,841	$	3,555	$	845,396	$	7,829	$	853,225

The Company evaluates goodwill for impairment on an annual basis in accordance with FASB ASC 350, to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, and performs either a qualitative or quantitative assessment, depending on circumstances and management judgment. During 2024, the Company performed qualitative goodwill analyses for all of the Company's operating segments. The qualitative analyses include assessments of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity - specific events and changes in share price, as well as analyzing previous quantitative goodwill impairment analyses performed as of October 1, 2023. The Company determined that the inputs, assumptions and conclusions reached remained appropriate for the purpose of the 2024 qualitative analysis, and as it was determined that it was more likely than not that no impairment existed, a quantitative analysis for 2024 was not necessary. During 2023, the Company performed quantitative goodwill analyses for all of the Company's operating segments. The inputs for the quantitative analyses include determination of the discount rate, forecasted financial performance of the business entity, macroeconomic and industry conditions, and other relevant events that affect the fair value of the reporting unit. Based on the Company’s annual impairment analysis of goodwill as of October 1, 2023, it was determined that the fair value of each reporting unit was in excess of its respective carrying value, therefore goodwill was not impaired. The Company also performs a quarterly analysis to determine if any triggering events have occurred that would require an interim evaluation. During 2024 and 2023, no triggering events or impairment was noted during these interim analyses.

Under certain circumstances, the Company sells consumer residential mortgage loans in the secondary market and typically retains the right to service the loans sold. These mortgage servicing rights were immaterial at December 31, 2024 and 2023. The total principal balance of loans serviced for others was $538.1 million and $532.9 million at December 31, 2024 and 2023, respectively. The total custodial escrow balances maintained in connection with loans serviced for others was $10.5 million and $10.2 million at December 31, 2024 and 2023, respectively.