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GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS At September 30, 2024 and December 31, 2023, goodwill was $70.7 million and $18.7 million, respectively. No impairment charges were recorded in the three and nine months ended September 30, 2024 and 2023.
| September 30, 2024 |  | December 31, 2023
Balance, beginning of year | $ | 18,724 |  |  | $ | 18,724 |
Acquired goodwill | 51,931 |  |  | — |
Balance, end of period | $ | 70,655 |  |  | $ | 18,724 |
Goodwill is not amortized, but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit. The Company conducted its last annual goodwill impairment test as of November 30, 2023 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. No changes occurred that would impact the results of that analysis through September 30, 2024. The following table presents changes in and components of other intangible assets for the three and nine months ended September 30, 2024 and 2023. The Company acquired core deposit intangibles of $35.9 million and customer relationship intangible assets associated with wealth and brokerage businesses totaling $10.4 million from the Merger. The core deposit intangible and customer relationship intangible assets are amortized based on the sum-of-the-years digits method over the expected life of 10 years. The Company also acquired an investment advisory business and related accounts with assets under management of $85.0 million on July 1, 2024. In connection with this acquisition, the Company recorded an intangible asset totaling $374 thousand associated with the customer list, which will be amortized based on the sum-of-the-years digits method over the expected life of seven years. No impairment charges were recorded on other intangible assets during the three and nine months ended September 30, 2024 and September 30, 2023.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Beginning of period | $ | 1,974 |  |  | $ | 2,589 |  |  | $ | 2,414 |  |  | $ | 3,078 |
Acquired core deposit intangible | 35,860 |  |  | — |  |  | 35,860 |  |  | — |
Acquired customer list | 10,774 |  |  | 289 |  |  | 10,774 |  |  | 289 |
Amortization expense | (2,464) |  |  | (228) |  |  | (2,904) |  |  | (717) |
Balance, end of period | $ | 46,144 |  |  | $ | 2,650 |  |  | $ | 46,144 |  |  | $ | 2,650 |
The following table presents the components of other identifiable intangible assets at September 30, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Core deposit intangible | $ | 44,250 |  |  | $ | 8,601 |  |  | $ | 8,390 |  |  | $ | 6,247 |
Customer relationship intangibles | 11,063 |  |  | 568 |  |  | 289 |  |  | 18 |
Total | $ | 55,313 |  |  | $ | 9,169 |  |  | $ | 8,679 |  |  | $ | 6,265 |
The following table presents future estimated aggregate amortization expense for other identifiable intangible assets at September 30, 2024:
2024 | $ | 2,407 |
2025 | 8,970 |
2026 | 7,877 |
2027 | 6,784 |
2028 | 5,693 |
Thereafter | 14,413 |
| $ | 46,144 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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