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, 2024, there were no indicators of potential impairment.

During the year ended December 31, 2024, in connection with the acquisition of M&M, Busey recorded goodwill totaling $15.8 million and other intangible assets of $6.3 million, both in the Banking segment. Busey did not record any new goodwill or other intangible assets during the year ended December 31, 2023.

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


	As of December 31,
	2024		2023
Goodwill
Banking	$	310,595	$	294,773
Wealth Management	14,108		14,108
FirsTech	8,992		8,992
Total goodwill	$	333,695	$	317,873

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

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, 2024
	Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	105,411	$	33,138	$	138,549
Accumulated amortization	78,831		27,438		106,269
Intangible assets, net	$	26,580	$	5,700	$	32,280


	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

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


	Years Ended December 31,
	2024		2023		2022
Amortization Expense
Core deposit intangible	$	7,739	$	7,616	$	8,315
Customer relationship intangible	2,318		2,816		3,313
Amortization of intangible assets	$	10,057	$	10,432	$	11,628

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


	As of December 31, 2024
	Core deposit intangible		Customer relationship intangible		Total
Estimated amortization expense
2025	$	6,895	$	1,887	$	8,782
2026	6,035		1,479		7,514
2027	5,200		1,091		6,291
2028	4,365		703		5,068
2029	1,719		360		2,079
Thereafter	2,366		180		2,546
Total estimated amortization expense	$	26,580	$	5,700	$	32,280