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Goodwill and Intangible Assets (Tables)
 12 Months Ended
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