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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangible Assets

The following table shows the activity in goodwill and other intangible assets for the years ended December 31, 2024, 2023 and 2022.

 

(In thousands)						Goodwill						Other Intangible Assets						Total
January 1, 2022						$	159,595					$	7,462					$	167,057
Amortization						—						1,487						1,487
December 31, 2022						$	159,595					$	5,975					$	165,570
Amortization						—						1,323						1,323
December 31, 2023						$	159,595					$	4,652					$	164,247
Amortization						—						1,215						1,215
December 31, 2024						$	159,595					$	3,437					$	163,032

Goodwill

Goodwill impairment exists when a reporting unit's carrying value exceeds its fair value. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. At April 1, 2024, the Company's reporting unit, PNB, had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

Acquired Intangible Assets

The following table shows the balance of acquired intangible assets as of December 31, 2024 and 2023.

			2024												2023
(In thousands)			Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Other intangible assets:
Core deposit intangibles			$	14,456					$	11,019					$	14,456					$	9,804

Core deposit intangibles are being amortized, on an accelerated basis, over a period of ten years. Amortization expense for the core deposit intangibles was $1.2 million, $1.3 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following is a schedule of estimated core deposit intangibles amortization expense for each of the next five years:

(In thousands)						Total
2025						$	1,042
2026						887
2027						754
2028						618
2029						136

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- References

No definition available.

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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

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