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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of December 31, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
|  | Gross Carrying |  |  | Accumulated |  |  | Gross Carrying |  |  | Accumulated |
|  | Value |  |  | Amortization |  |  | Value |  |  | Amortization |
Goodwill |  | $ | 207,151 |  |  | $ | 3,760 |  |  | $ | 200,221 |  |  | $ | 3,760 |
Intangibles from branch acquisition |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |
Core deposit intangibles |  |  | 79,945 |  |  |  | 44,736 |  |  |  | 79,945 |  |  |  | 34,966 |
Customer list intangibles |  |  | 30,857 |  |  |  | 13,180 |  |  |  | 26,552 |  |  |  | 10,620 |
|  | $ | 320,968 |  |  | $ | 64,691 |  |  | $ | 309,733 |  |  | $ | 52,361 |
Intangible Assets Mortgage Servicing Rights | The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of December 31, 2024 and 2023 (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Beginning balance |  | $ | 6,859 |  |  | $ | 331 |
Mortgage servicing rights acquired |  |  | — |  |  |  | 7,070 |
Valuation recovery |  |  | 7 |  |  |  | (8 | )
Mortgage servicing rights amortized |  |  | (1,226 | ) |  |  | (524 | )
I/O strip |  |  | (11 | ) |  |  | (10 | )
Ending balance |  | $ | 5,629 |  |  | $ | 6,859 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for the years ended December 31, 2024, 2023, and 2022 was as follows (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Core deposit intangibles |  | $ | 9,770 |  |  | $ | 6,534 |  |  | $ | 4,347 |
Customer list intangibles |  |  | 2,560 |  |  |  | 2,069 |  |  |  | 1,743 |
Mortgage servicing rights |  |  | 1,226 |  |  |  | 524 |  |  |  | 200 |
|  | $ | 13,556 |  |  | $ | 9,127 |  |  | $ | 6,290 |
Schedule of Expected Amortization Expense | Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):
For year ended 12/31/25 |  | $ | 12,310 |
For year ended 12/31/26 |  |  | 10,594 |
For year ended 12/31/27 |  |  | 9,330 |
For year ended 12/31/28 |  |  | 8,116 |
For year ended 12/31/29 |  |  | 6,764 |
Mid Rivers |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following provides a reconciliation of the purchase price paid for Mid Rivers Insurance Group, Inc. and the amount of goodwill recorded (in thousands):
Unallocated purchase price |  |  |  |  | $ | 10,059 |
Less purchase accounting adjustments: |  |  |  |  |  |
Insurance Company intangible |  | $ | 4,305 |  |  |  |
Other liabilities |  |  | (1,176 | ) |  |  |
|  |  |  |  |  | 3,129 |
Resulting goodwill from acquisition |  |  |  |  | $ | 6,930 |
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 | )
Resulting goodwill from acquisition |  |  |  |  | $ | 50,097 |
Purdum, Gray, Ingledue, Beck, Inc. |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following provides 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 |
Resulting goodwill from acquisition |  |  |  |  | $ | 5,951 |

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