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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

(7) Goodwill and Intangible Assets

The carrying amount of goodwill was $125,520 at September 30, 2024 and December 31, 2023.

Acquired intangible assets, other than goodwill, as of September 30, 2024 and December 31, 2023 were as follows:

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

$

12,668

 

 

$

7,298

 

 

$

5,370

 

 

 

12,668

 

 

 

6,178

 

 

$

6,490

 

Total amortized intangible assets

 

$

12,668

 

 

$

7,298

 

 

$

5,370

 

 

$

12,668

 

 

$

6,178

 

 

$

6,490

 

 

Aggregate core deposit intangible amortization expense was $363 and $398, for the three months ended September 30, 2024 and 2023, respectively. Aggregate core deposit intangible amortization expense was $1,121 and $1,195 for the nine months ended September 30, 2024 and 2023, respectively.

 

Activity for mortgage servicing rights ("MSRs") for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Mortgage Servicing Rights:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

2,974

 

 

$

3,056

 

 

$

3,018

 

 

$

2,689

 

Additions

 

 

90

 

 

 

76

 

 

 

199

 

 

 

600

 

Additions from acquisition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Disposals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortized to expense

 

 

(125

)

 

 

(86

)

 

 

(278

)

 

 

(243

)

Other charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Change in valuation allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at End of Period

 

$

2,939

 

 

$

3,046

 

 

$

2,939

 

 

$

3,046

 

 

There was no valuation allowance for the three and nine months ended September 30, 2024 and September 30, 2023.

 

Estimated amortization expense for each of the next five years and thereafter is as follows:

 

 

 

MSRs

 

 

Core deposit
intangibles

 

 

Total

 

2024 (1)

 

$

125

 

 

$

358

 

 

$

483

 

2025

 

 

166

 

 

 

1,312

 

 

 

1,478

 

2026

 

 

163

 

 

 

1,193

 

 

 

1,356

 

2027

 

 

157

 

 

 

1,071

 

 

 

1,228

 

2028

 

 

153

 

 

 

782

 

 

 

935

 

Thereafter

 

 

2,175

 

 

 

654

 

 

 

2,829

 

 

$

2,939

 

 

$

5,370

 

 

$

8,309

 

 

(1) 2024 includes 3 months of amortization expense consisting for October, November, and December 2024.