GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Busey’s goodwill is associated with its three operating segments, Banking, Wealth Management, and FirsTech. Goodwill is tested annually for impairment, and as part of this analysis, the reporting unit's carrying value is compared to its estimated fair value. Based on the impairment testing performed at December 31, 2023, there were no indicators of potential impairment.

Busey did not record any new goodwill during the years ended December 31, 2023, or 2022.

The carrying amount of goodwill by operating segment is as follows (dollars in thousands):


	As of December 31,
	2023		2022
Goodwill
Banking	$	294,773	$	294,773
Wealth Management	14,108		14,108
FirsTech	8,992		8,992
Total goodwill	$	317,873	$	317,873

Indefinite-lived intangible assets, such as goodwill, are not amortized. Goodwill is Busey's only indefinite-lived intangible asset.

Intangible Assets

Core deposit and customer relationship intangible assets are amortized over the estimated period during which Busey expects to benefit from the assets. Intangible asset disclosures are as follows (dollars in thousands):


	As of December 31, 2023
	Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	99,065	$	33,138	$	132,203
Accumulated amortization	71,092		25,120		96,212
Intangible assets, net	$	27,973	$	8,018	$	35,991


	As of December 31, 2022
	Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	99,065	$	33,138	$	132,203
Accumulated amortization	63,476		22,304		85,780
Intangible assets, net	$	35,589	$	10,834	$	46,423

Amortization expense related to intangible assets, as reflected in Busey's Consolidated Statements of Income, is presented in the table below (dollars in thousands):


	Years Ended December 31,
	2023		2022		2021
Amortization Expense
Core deposit intangible	$	7,616	$	8,315	$	8,253
Customer relationship intangible	2,816		3,313		3,021
Amortization of intangible assets	$	10,432	$	11,628	$	11,274

Future expense for the amortization of intangible assets, as estimated, is summarized in the table below (dollars in thousands):


	As of December 31, 2023
	Core deposit intangible		Customer relationship intangible		Total
Estimated amortization expense
2024	$	6,902	$	2,318	$	9,220
2025	5,956		1,887		7,843
2026	5,227		1,479		6,706
2027	4,490		1,091		5,581
2028	3,740		703		4,443
Thereafter	1,658		540		2,198
Total estimated amortization expense	$	27,973	$	8,018	$	35,991