Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023.

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. During the year ended December 31, 2024, the Company performed a qualitative assessment and determined it was more likely than not the fair value of the reporting units exceeded its carrying value, including goodwill. As such, no impairment of goodwill was recorded as of December 31, 2024.

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, 2024 and 2023 is as follows:

	Core deposit and other intangibles
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2024
Core deposit intangible	$	59,835	$	(54,486)	$	5,349
Customer base trust intangible	1,600		(1,187)		413
Total core deposit and other intangibles	$	61,435	$	(55,673)	$	5,762
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

Amortization of core deposit and other intangibles totaled $2,947, $3,659, and $4,585 for the years ended December 31, 2024, 2023, and 2022, respectively.

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

2025	$	2,306
2026	1,563
2027	1,080
2028	572
2029	211
Thereafter	30
	$	5,762