The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of First Mid Wealth Management Company and First Mid Insurance. 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

Core deposit intangibles are being amortized over a period of 10 years and other intangibles, primarily customer lists, are being amortized over periods ranging from 3 to 12 years.

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. (MRIG) 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
				$	6,930

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

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

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

In accordance with GAAP, the Company performed its annual goodwill impairment test as of September 30, 2024 and determined that, as of that date, goodwill was not impaired. The Company believes no test was considered necessary during the quarter ended March 31, 2025 due to the lack of triggering events or material changes to the value of the Company’s goodwill.

Note 5 -- Goodwill and Intangible Assets