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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 (in thousands):

		June 30, 2023								December 31, 2022
		Gross Carrying Value				Accumulated Amortization				Gross Carrying Value				Accumulated Amortization
Goodwill not subject to amortization (effective 1/1/02)		$	150,123			$	3,760			$	144,172			$	3,760
Intangibles from branch acquisition			3,015				3,015				3,015				3,015
Core deposit intangibles			45,355				30,491				45,355				28,432
Other intangibles			26,552				9,463				20,782				8,551
		$	225,045			$	46,729			$	213,324			$	43,758

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, 2023, June 30, 2022 and December 31, 2022 (in thousands):

		June 30, 2023				June 30, 2022				December 31, 2022
Beginning balance		$	331			$	420			$	420
Adjustment to valuation reserve			—				107				108
Mortgage servicing rights amortized			(28	)			(149	)			(200	)
Interest only strip			(4	)			11				3
Ending balance		$	299			$	389			$	331

Schedule of Intangible Assets Amortization Expense

Total amortization expense for three and six months ended June 30, 2023 and 2022 was as follows (in thousands):

		Three months ended June 30,								Six months ended June 30,
		2023				2022				2023				2022
Core deposit intangibles		$	1,010			$	1,153			$	2,059			$	2,142
Customer list intangibles			456				432				912				864
Mortgage servicing rights			11				48				28				149
		$	1,477			$	1,633			$	2,999			$	3,155

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 01/01/23 - 06/30/23		$	2,999
Estimated amortization expense:
For period 07/01/23 - 12/31/23			6,095
For year ended 12/31/24			5,860
For year ended 12/31/25			5,225
For year ended 12/31/26			4,324
For year ended 12/31/27			3,737

Purdum, Gray, Ingledue, Beck, Inc.

Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded

The followingprovides a reconciliation of the purchase price paid for Purdum, Gray, Ingledue, Beck, Inc. and the amount of goodwill recorded (in thousands):

Unallocated purchase price					$	10,145
Less purchase accounting adjustments:
Insurance Company intangible	$	5,770
Other liabilities		(1,576	)
						4,194
					$	5,951

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		(570	)
Other liabilities		444
						1,233
					$	28,558

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