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Goodwill and Intangible Assets (Tables)
 3 Months Ended
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