Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets

Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. The carrying amount of goodwill was $242,561 at both December 31, 2023 and 2022.

The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or more frequently, if an event occurs or circumstances change which indicate that the fair value of a reporting unit is below its carrying amount. Impairment is the condition that exists when the carrying amount of the reporting unit exceeds the fair value of that reporting unit. In accordance with GAAP and due to the passage of time since the last quantitative analysis, the Company elected to perform a quantitative assessment for the year ended December 31, 2023. The assessment indicated no impairment of goodwill for either of the reporting units.

Core deposit and other intangibles include core deposit intangibles and a customer base trust intangible. The composition of core deposit and other intangibles, which excludes fully amortized intangibles, as of December 31, 2023 and 2022 is as follows:

	Core deposit and other intangibles
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2023
Core deposit intangible	$	59,835	$	(51,699)	$	8,136
Customer base trust intangible	1,600		(1,027)		573
Total core deposit and other intangibles	$	61,435	$	(52,726)	$	8,709
December 31, 2022
Core deposit intangible	$	59,835	$	(48,200)	$	11,635
Customer base trust intangible	1,600		(867)		733
Total core deposit and other intangibles	$	61,435	$	(49,067)	$	12,368

Amortization of core deposit and other intangibles totaled $3,659, $4,585, and $5,473 for the years ended December 31, 2023, 2022, and 2021, respectively.

The estimated aggregate future amortization expense of core deposit and other intangibles is as follows:

2024	$	2,946
2025	2,306
2026	1,563
2027	1,080
2028	572
Thereafter	242
	$	8,709