Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets [Abstract]

8. Goodwill and Other Intangible Assets

A summary of goodwill is as follows:

(In thousands)
January 1, 2024	$	361,851
Goodwill acquired		812
December 31, 2024	$	362,663

January 1, 2023	$	281,204
Goodwill acquired		80,647
December 31, 2023	$	361,851

The Company has intangible assets with definite useful lives capitalized on its consolidated balance sheet in the form of core deposit and other identified intangible assets. These intangible assets are amortized over their estimated useful lives, which range primarily from one to twenty years.

There was no impairment of goodwill recorded during the years ended December 31, 2024, 2023 and 2022.

A summary of core deposit and other intangible assets follows:

	December 31,
(In thousands)	2024		2023
Core deposit intangibles:
Gross carrying amount	$	31,188	$	31,188
Less: accumulated amortization		7,797		2,363
Net carrying amount	$	23,391	$	28,825

Identified intangible assets:
Gross carrying amount	$	34,189	$	31,826
Less: accumulated amortization		21,220		20,208
Net carrying amount	$	12,969	$	11,618

Total intangibles:
Gross carrying amount	$	65,377	$	63,014
Less: accumulated amortization		29,017		22,571
Net carrying amount	$	36,360	$	40,443

Amortization expense on intangible assets with definite useful lives totaled $8.4 million for 2024, $4.7 million for 2023 and $2.3 million for 2022. Amortization expense on intangible assets with definite useful lives is expected to total $7.9 million for 2025, $6.9 million for 2026, $5.8 million for 2027, $4.8 million for 2028, $3.8 million for 2029 and $7.2 million thereafter. Other identified intangible assets include customer lists and non-compete agreements.

During the years ended December 31, 2024, 2023 and 2022, there was no impairment of intangible assets.