Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets:

Goodwill associated with the Company’s purchases of Emlenton in January 2023 and other past acquisitions totaled $167.4 million at September 30, 2024 and December 31, 2023. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As of September 30, 2024, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:


	September 30, 2024					December 31, 2023
(In Thousands of Dollars)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationship intangibles	$	7,210	$	(7,055	)	$	7,210	$	(6,953	)
Non-compete contracts		457		(423	)		457		(413	)
Trade name		1,126		(461	)		1,126		(440	)
Core deposit intangible		32,115		(12,075	)		32,115		(10,260	)
Total	$	40,908	$	(20,014	)	$	40,908	$	(18,066	)

Aggregate amortization expense was $629 thousand and $1.9 million for the three and nine month periods ended September 30, 2024. Amortization expense was $725 thousand and $2.9 million for the three and nine month periods ended September 30, 2023.

Estimated amortization expense for each of the next five periods and thereafter:


2024 (3 months)	$	629
2025		2,451
2026		2,355
2027		2,242
2028		2,231
Thereafter		10,986
Total	$	20,894