GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, the excess purchase price over the fair value of all identifiable assets and liabilities acquired, totaled $111.8 million at March 31, 2025 and December 31, 2024. Goodwill is reviewed for impairment at least annually during the fourth quarter of each fiscal year. On an ongoing basis, we qualitatively assess if current events or circumstances warrant the need for an interim quantitative assessment of goodwill impairment. We also monitor fluctuations in our stock price.

The Company performed a qualitative assessment for the annual impairment review at December 31, 2024, and as a result of that assessment had determined that there has been no impairment to goodwill. There were no triggering events during the first quarter of 2025 that caused management to evaluate goodwill for a quantitative impairment analysis as of March 31, 2025.

The following table presents changes in the carrying amount of goodwill for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(dollars in thousands)	2025		2024
Balance, beginning of period	$	111,787	$	37,803

Adjustments to goodwill(1)	(7)		—
Balance, end of period	$	111,780	$	37,803

(1)During the three months ended March 31, 2025, the goodwill adjustments were related to a true-up of the low-income housing tax credit investments acquired from the CALB merger, offset by CALB state net operating losses that cannot be utilized post-merger.

Core deposit intangibles are amortized over remaining periods of 3.8 to 9.3 years. Trade name is amortized over a remaining period of 1.3 years. As of March 31, 2025, the weighted-average remaining amortization period for intangible assets was approximately 9.1 years.

The Company performs the annual impairment analysis for the intangibles assets at least annually during the second half of each fiscal year. The Company evaluated current conditions and concluded there had been no significant changes in the economic environment or future projections since the annual intangible assets impairment test performed at November 30, 2024 and therefore, believes that there was no impairment as of

March 31, 2025. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. The following table presents the changes in intangible assets for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
(dollars in thousands)	2025		2024
Gross balance, beginning of period	$	27,138	$	4,185
Additions	—		—

Gross balance, end of period	$	27,138	$	4,185

Accumulated amortization:
Balance, beginning of period	$	(4,867)	$	(2,990)
Amortization	(948)		(65)
Balance, end of period	(5,815)		(3,055)
Intangible assets, net, end of period	$	21,323	$	1,130

Future estimated amortization expense is as follows:


(dollars in thousands)	Amount
Remainder of 2025	$	2,844
2026	3,138
2027	2,761
2028	2,465
2029	2,160
Thereafter	7,955
	$	21,323