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Goodwill and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2025
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying value and accumulated amortization by major intangible asset class as of March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Goodwill not subject to amortization |  | $ | 207,151 |  |  | $ | 3,760 |  |  | $ | 207,151 |  |  | $ | 3,760 |
Intangibles from branch acquisition |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |  |  |  | 3,015 |
Core deposit intangibles |  |  | 79,945 |  |  |  | 46,999 |  |  |  | 79,945 |  |  |  | 44,736 |
Other intangibles |  |  | 30,857 |  |  |  | 13,861 |  |  |  | 30,857 |  |  |  | 13,180 |
|  | $ | 320,968 |  |  | $ | 67,635 |  |  | $ | 320,968 |  |  | $ | 64,691 |
Intangible Assets Mortgage Servicing Rights | The Company has mortgage servicing rights acquired in previous acquisitions. Mortgage servicing rights are accounted for under the amortization method. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of March 31, 2025, March 31, 2024 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Beginning balance |  | $ | 5,629 |  |  | $ | 6,859 |  |  | $ | 6,859 |
Adjustment to valuation reserve |  |  | 1 |  |  |  | (33 | ) |  |  | 7 |
Mortgage servicing rights amortized |  |  | (287 | ) |  |  | (364 | ) |  |  | (1,226 | )
Interest only strip |  |  | (5 | ) |  |  | (3 | ) |  |  | (11 | )
Ending balance |  | $ | 5,338 |  |  | $ | 6,459 |  |  | $ | 5,629 |
Fair value of portfolio |  | $ | 6,500 |  |  | $ | 7,246 |  |  | $ | 6,716 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for three months ended March 31, 2025 and 2024 was as follows (in thousands):
|  | Three months ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Core deposit intangibles |  | $ | 2,263 |  |  | $ | 2,554 |
Customer list intangibles |  |  | 681 |  |  |  | 579 |
Mortgage servicing rights |  |  | 287 |  |  |  | 364 |
|  | $ | 3,231 |  |  | $ | 3,497 |
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 01/01/25-03/31/25 |  | $ | 3,231 |
Estimated amortization expense: |  |  |
For period 04/01/25-12/31/25 |  |  | 9,079 |
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 Insurance Group, Inc |
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 |
|  |  |  | $ | 6,930 |

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