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Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (in thousands):

		September 30, 2023								December 31, 2022
		Gross Carrying Value				Accumulated Amortization				Gross Carrying Value				Accumulated Amortization
Goodwill not subject to amortization		$	200,221			$	3,760			$	144,172			$	3,760
Intangibles from branch acquisition			3,015				3,015				3,015				3,015
Core deposit intangibles			79,945				32,348				45,355				28,432
Other intangibles			26,552				10,041				20,782				8,551
		$	309,733			$	49,164			$	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 September 30, 2023, September 30, 2022 and December 31, 2022 (in thousands):

		September 30, 2023				September 30, 2022				December 31, 2022
Beginning balance		$	331			$	420			$	420
Mortgage servicing rights acquired during period			7,062				—				—
Adjustment to valuation reserve			—				108				108
Mortgage servicing rights amortized			(161	)			(184	)			(200	)
Interest only strip			(8	)			6				3
Ending balance		$	7,224			$	350			$	331

Schedule of Intangible Assets Amortization Expense

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

		Three months ended								Nine months ended
		September 30,								September 30,
		2023				2022				2023				2022
Core deposit intangibles		$	1,857			$	1,131			$	3,916			$	3,273
Customer list intangibles			578				432				1,490				1,296
Mortgage servicing rights			133				35				161				184
		$	2,568			$	1,598			$	5,567			$	4,753

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 - 09/30/23		$	5,567
Estimated amortization expense:
For period 10/01/23 - 12/31/23			3,561
For year ended 12/31/24			13,477
For year ended 12/31/25			12,156
For year ended 12/31/26			10,569
For year ended 12/31/27			9,349

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

Blackhawk Bancorp, 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 Blackhawk and the amount of goodwill recorded (in thousands):

Unallocated purchase price					$	26,955
Less purchase accounting adjustments:
Fair value of securities	$	(25,521	)
Fair value of loans, net		(43,477	)
Fair value of premises and equipment		(3,856	)
Fair value of time deposits		2,311
Fair value of subordinated and jr subordinated debentures		3,707
Increase in core deposit intangible		33,731
Increase in mortgage servicing rights		3,344
Other assets		6,619
						(23,142	)
					$	50,097

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