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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2022
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying value and accumulated amortization by major intangible asset class as of June 30, 2022 and December 31, 2021 (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Goodwill not subject to amortization (effective 1/1/02) |  | $ | 144,225 |  |  | $ | 3,760 |  |  | $ | 115,613 |  |  | $ | 3,760 |
Intangibles from branch acquisition |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |
Core deposit intangibles |  |  | 45,355 |  |  |  | 26,227 |  |  |  | 39,435 |  |  |  | 24,085 |
Other intangibles |  |  | 20,561 |  |  |  | 7,672 |  |  |  | 20,561 |  |  |  | 6,808 |
|  | $ | 213,156 |  |  | $ | 40,674 |  |  | $ | 178,624 |  |  | $ | 37,668 |
Intangible Assets Mortgage Servicing Rights | The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of June 30, 2022, June 30, 2021 and December 31, 2021 (in thousands):
|  | June 30, 2022 |  |  | June 30, 2021 |  |  | December 31, 2021 |
Beginning balance |  | $ | 420 |  |  | $ | 516 |  |  | $ | 516 |
Fair market value adjustment |  |  | 107 |  |  |  | 318 |  |  |  | 544 |
Mortgage servicing rights amortized |  |  | (149 | ) |  |  | (355 | ) |  |  | (629 | )
Interest only strip |  |  | 11 |  |  |  | (6 | ) |  |  | (11 | )
Ending balance |  | $ | 389 |  |  | $ | 473 |  |  | $ | 420 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for six months ended June 30, 2022 and 2021 was as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Core deposit intangibles |  | $ | 1,153 |  |  | $ | 728 |  |  | $ | 2,142 |  |  | $ | 1,438 |
Customer list intangibles |  |  | 432 |  |  |  | 389 |  |  |  | 864 |  |  |  | 722 |
Mortgage servicing rights |  |  | 48 |  |  |  | 178 |  |  |  | 149 |  |  |  | 355 |
|  | $ | 1,633 |  |  | $ | 1,295 |  |  | $ | 3,155 |  |  | $ | 2,515 |
Schedule of Expected Amortization Expense | Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):
Aggregate amortization expense: |  |  |  |
For period 01/01/22 - 06/30/22 |  | $ | 3,155 |
Estimated amortization expense: |  |  |  |
For period 07/01/22 - 12/31/22 |  |  | 3,165 |
For year ended 12/31/23 |  |  | 5,799 |
For year ended 12/31/24 |  |  | 5,291 |
For year ended 12/31/25 |  |  | 4,741 |
For year ended 12/31/26 |  |  | 3,852 |
Delta Bancshares Company |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of Delta and the amount of goodwill recorded (in thousands):
Unallocated purchase price |  |  |  |  | $ | 29,791 |
Less purchase accounting adjustments: |  |  |  |  |  |  |
Fair value of securities | $ | (2,836 | ) |  |  |  |
Fair value of loans, net |  | (3,399 | ) |  |  |  |
Fair value of premises and equipment |  | 3,508 |  |  |  |  |
Fair value of time deposits |  | (1,759 | ) |  |  |  |
Fair value of FHLB advances |  | (75 | ) |  |  |  |
Core deposit intangible |  | 5,920 |  |  |  |  |
Other assets |  | (623 | ) |  |  |  |
Other liabilities |  | 444 |  |  |  |  |
|  |  |  |  |  | 1,180 |
|  |  |  |  | $ | 28,611 |
LINCO Bancshares, Inc. |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of LINCO and the amount of goodwill recorded (in thousands):
Unallocated purchase price |  |  |  |  | $ | 12,248 |
Less purchase accounting adjustments: |  |  |  |  |  |  |
Fair value of securities | $ | 264 |  |  |  |  |
Fair value of loans, net |  | (2,818 | ) |  |  |  |
Fair value of other real estate owned |  | 915 |  |  |  |  |
Fair value of premises and equipment |  | 6,360 |  |  |  |  |
Fair value of time deposits |  | (2,081 | ) |  |  |  |
Fair value of FHLB advances |  | (975 | ) |  |  |  |
Core deposit intangible |  | 2,025 |  |  |  |  |
Other assets |  | 3,293 |  |  |  |  |
Other liabilities |  | (184 | ) |  |  |  |
|  |  |  |  |  | 6,799 |
|  |  |  |  | $ | 5,449 |

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