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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill increased $104.8 million to $365.4 million at September 30, 2021 from $260.6 million at December 31, 2020 due to the acquisition of FCBP.

The table below presents a summary of intangible assets:

			Nine months ended
(in thousands)			September 30, 2021
Core deposit intangible, net, beginning of period			$	23,084
Established through acquisition			4,892
Amortization			(4,199)
Core deposit intangible, net, end of period			23,777

Amortization expense on the core deposit intangibles was $1.5 million and $1.4 million for the three months ended September 30, 2021 and 2020, respectively, and $4.2 million and $4.3 million for the nine months ended September 30, 2021 and 2020, respectively. The core deposit intangibles are being amortized over a 10-year period.

The following table reflects the amortization schedule for the core deposit intangible at September 30, 2021:

Year			Core Deposit Intangible (in thousands)
2021			$	1,491
2022			5,367
2023			4,601
2024			3,834
2025			3,068
After 2025			5,416
			$	23,777

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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