Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Company’s goodwill intangible as of the dates indicated:


(in thousands)	December 31, 2023		Additions		Reductions		December 31, 2022
Goodwill	$	304,442	$	—	$	—	$	304,442

Impairment exists when a Company’s carrying value exceeds its fair value. Goodwill is evaluated for impairment annually. At September 30, 2023, the Company 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 Company 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 exceeds its carrying value, resulting in no impairment. For each of the years in the three year period ended December 31, 2023, there were no impairment charges recognized.

The following table summarizes the Company’s core deposit intangibles (“CDI”) as of the dates indicated:


(in thousands)	December 31, 2023		December 31, 2022
Core deposit intangibles, gross	$	38,826	$	36,265
Fully amortized portion	(2,046)		(8,074)
Acquisition of VRB	—		10,635
Core deposit intangibles, gross ending balance	36,780		38,826

Accumulated amortization, gross	(22,156)		(23,896)
Fully amortized portion	2,046		8,074
Amortization expense	(6,118)		(6,334)
Accumulated amortization, gross ending balance	(26,228)		(22,156)
Core deposit intangible, net	$	10,552	$	16,670

The Company's remaining net CDI balance of $10.6 million as of December 31, 2023 reflects gross balances recorded from the VRB acquisition on March 25, 2022 totaling $10.6 million and the FNBB acquisition on July 6, 2018 totaling $2.0 million. The following table summarizes the Company’s estimated core deposit intangible amortization (dollars in thousands):


Years Ended	Estimated CDI Amortization
2024	$	4,120
2025	1,961
2026	1,527
2027	1,008
2028	797
Thereafter	1,139
	$	10,552