Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7 – Goodwill and Other Intangible Assets

The Company had goodwill of $901.3 million at December 31, 2024 and 2023. The Company did not record any adjustments to goodwill in 2024 and 2023.

The Company’s policy is to assess goodwill for impairment on an annual basis during the fourth quarter of each year, and more frequently if events or circumstances lead management to believe the value of goodwill may be impaired. During the fourth quarter of 2024, the Company voluntarily changed the date of its annual impairment assessment from November 30th to October 1st. This change is preferable because it allows more time for the preparation and review of the annual goodwill impairment assessment. This change did not have a material impact on the Company’s financial statements, nor does the Company believe the change in the goodwill impairment assessment date results in a material change to the method of applying the associated accounting principle. This change has been applied prospectively, as retrospective application is deemed impracticable due to the inability to objectively determine the assumptions and significant estimates used in earlier periods without the benefit of hindsight. Further, this change did not result, nor does the Company expect this change to result in a delay, acceleration, or avoidance of an impairment charge.

Other intangible assets with definite lives were $32.2 million at December 31, 2024, consisting of $30.5 million in core deposit intangibles and $1.7 million in customer relationship intangibles. At December 31, 2023, other intangible assets were $43.3 million, consisting of $41.2 million in core deposit intangibles and $2.1 million in customer relationship intangibles. The following table summarizes the change in the balances of core deposit and customer relationship intangible assets, and the related accumulated amortization for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Gross balance of intangible assets:
Balance, beginning of year	$	145,212	$	145,212	$	145,212
Additions due to acquisitions	—		—		—
Balance, end of year	145,212		145,212		145,212
Accumulated amortization:
Balance, beginning of year	(101,927)		(89,624)		(75,641)
Amortization	(11,091)		(12,303)		(13,983)
Balance, end of year	(113,018)		(101,927)		(89,624)
Net intangible assets, end of year	$	32,194	$	43,285	$	55,588

The Company amortizes core deposit intangibles and customer relationship intangibles based on the projected useful lives of the related deposits in the case of core deposit intangibles, and over the projected useful lives of the related client relationships in the case of customer relationship intangibles. The amortization periods typically range from six to eleven years. The estimated aggregate amortization expense related to our core deposit and customer relationship intangible assets for each of the next five years succeeding December 31, 2024, in order from the present, is $10.0 million, $8.9 million, $7.2 million, $4.0 million, and $1.5 million. The Company’s core deposit and customer relationship intangibles are evaluated annually for impairment or more frequently if events and circumstances lead management to believe their value may not be recoverable. The Company is unaware of any events and/or circumstances that would indicate the value of customer relationship intangible assets are impaired as of December 31, 2024.