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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2025
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying value and accumulated amortization by major intangible asset class as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 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 |  |  |  | 51,313 |  |  |  | 79,945 |  |  |  | 44,736 |
Other intangibles |  |  | 33,657 |  |  |  | 15,286 |  |  |  | 30,857 |  |  |  | 13,180 |
Total |  | $ | 323,768 |  |  | $ | 73,374 |  |  | $ | 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 September 30, 2025, September 30, 2024 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | December 31, 2024 |
Beginning balance |  | $ | 5,629 |  |  | $ | 6,859 |  |  | $ | 6,859 |
Adjustment to valuation reserve |  |  | 1 |  |  |  | (77 | ) |  |  | 7 |
Mortgage servicing rights amortized |  |  | (797 | ) |  |  | (939 | ) |  |  | (1,226 | )
Interest only strip |  |  | (10 | ) |  |  | (8 | ) |  |  | (11 | )
Ending balance |  | $ | 4,823 |  |  | $ | 5,835 |  |  | $ | 5,629 |
Fair value of portfolio |  | $ | 5,863 |  |  | $ | 6,470 |  |  | $ | 6,716 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Core deposit intangibles |  | $ | 2,128 |  |  | $ | 2,416 |  |  | $ | 6,577 |  |  | $ | 7,445 |
Other intangibles |  |  | 744 |  |  |  | 702 |  |  |  | 2,106 |  |  |  | 1,858 |
Mortgage servicing rights |  |  | 256 |  |  |  | 287 |  |  |  | 797 |  |  |  | 939 |
Total |  | $ | 3,128 |  |  | $ | 3,405 |  |  | $ | 9,480 |  |  | $ | 10,242 |
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 01/01/25-09/30/25 |  | $ | 9,480 |
Estimated amortization expense: |  |  |
For period 10/01/25-12/31/25 |  |  | 2,956 |
For year ended 12/31/26 |  |  | 10,849 |
For year ended 12/31/27 |  |  | 9,584 |
For year ended 12/31/28 |  |  | 8,371 |
For year ended 12/31/29 |  |  | 7,019 |
MRIG |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following provides a reconciliation of the purchase price paid for MRIG 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 | ) |  |  |
Total purchase accounting adjustments |  |  |  |  | 3,129 |
Goodwill recorded |  |  |  | $ | 6,930 |

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