Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

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.

Goodwill
Balance at December 31, 2024	242,561
Addition from merger with Southern States (See Note 2)	107,792
Balance at September 30, 2025	$	350,353

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. The Company performed a qualitative assessment as of October 1, 2024 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. No events of circumstances since the October 1, 2024 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.

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 September 30, 2025 and December 31, 2024 is as follows:

	Core deposit and other intangibles
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2025
Core deposit intangible	$	90,655	$	(57,732)	$	32,923
Customer base trust intangible	1,600		(1,307)		293
Total core deposit and other intangibles	$	92,255	$	(59,039)	$	33,216
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

Amortization of core deposit and other intangibles totaled $2,079 and $3,366 for the three and nine months ended September 30, 2025, respectively, and $719 and $2,260 for the three and nine months ended September 30, 2024, respectively.

During the third quarter of 2025, the Company recorded $30,820 of core deposit intangibles resulting from the Southern States merger. See Note 2, “Mergers and acquisitions” for additional information regarding this transaction.

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

Remaining 2025	$	1,934
2026	7,089
2027	5,996
2028	4,877
2029	3,904
2030	3,112
Thereafter	6,304
	$	33,216