The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of business lines acquired. 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

During the quarter ended September 30, 2024, goodwill of $6.9 million was recorded for the acquisition of the stock of Mid Rivers Insurance Group, Inc., in connection with its insurance business. First Mid Insurance was assigned all this goodwill.

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

Goodwill of $50.1 million was recorded for the acquisition and merger of Blackhawk Bankcorp, Inc. during the third quarter of 2023. All this goodwill was assigned to the banking unit of the Company. The goodwill will not be deductible for tax purposes.

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

During the quarter ended June 30, 2023, goodwill of $6.0 million was recorded for the acquisition of the stock of Purdum, Gray, Ingledue, Beck, Inc., in connection with its insurance business. First Mid Insurance was assigned all this goodwill.

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

The unpaid principal balance of mortgage loans serviced for others was $572.6 million and $641.2 million at December 31, 2024 and 2023, respectively. 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

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

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

The weighted average amortization period for core deposit, customer lists and total intangibles was 3.20, 4.37 and 3.59 years respectively, at December 31, 2024.