Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8 — Goodwill and Other Intangible Assets

There were zero changes to the carrying amount of goodwill during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recorded goodwill totaling $94.5 million and other intangible assets totaling $38.4 million in connection with the merger with BTH.

The components of the Company’s goodwill and other intangible assets are as follows:


(Dollars in thousands) December 31, 2023	Gross Carrying Amount at Period End		Net Carrying Amount at the Beginning of the Period		Mergers/Acquisitions		Accumulated Amortization		Net Carrying Amount at Period End
Goodwill			$	128,679	$	—	N/A		$	128,679
Other intangible assets:
Core deposit intangibles	$	38,356	$	34,940	$	—	$	(10,944)	$	27,412
Relationship based intangibles	19,650		13,710		—		(7,369)		12,281
Tradename	818		727		—		(181)		637
Non-compete	903		452		—		(903)		—
Naming rights	5,250		—		—		(128)		5,122
Total	$	64,977	$	49,829	$	—	$	(19,525)	$	45,452
December 31, 2022
Goodwill			$	34,153	$	94,526	N/A		$	128,679
Other intangible assets:
Core deposit intangibles	$	38,356	$	12	$	38,356	$	(3,428)	$	34,940
Relationship based intangibles	19,650		15,229		—		(5,940)		13,710
Tradename	818		818		—		(91)		727
Non-compete	903		903		—		(451)		452
Total	$	59,727	$	16,962	$	38,356	$	(9,910)	$	49,829

During the year ended December 31, 2023, the Company acquired naming and logo rights on certain facilities and properties for $5.3 million for a defined period of time.

Core deposit intangibles acquired during the year ended December 31, 2022, represent the value of the relationships that BTH had with their deposit customers and are amortized over 10 years using an accelerated amortization methodology.

Amortization expense on other intangible assets totaled $9.6 million, $5.5 million and $844,000 for the years ended December 31, 2023, 2022 and 2021, respectively, and was included as a component of other noninterest expense in the consolidated statements of income.

Estimated future amortization expense for intangible assets remaining at December 31, 2023, was as follows:


(Dollars in thousands) Years Ended December 31,
2024	$	7,979
2025	6,677
2026	5,619
2027	4,729
2028	4,008
Thereafter	16,440
Total	$	45,452