Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

	As of December 31,
	2024		2023
	(In thousands)
Balances not subject to amortization
Goodwill	$	914,957	$	557,635
Balances subject to amortization
Core deposit intangibles	111,296		8,570
Customer list intangible	22,841		—
Trade name intangible	1,064		—
Total balances subject to amortization	135,201		8,570
Total goodwill and other intangible assets (1)	$	1,050,158	$	566,205

(1)The increase in goodwill and other intangible assets from December 31, 2023 to December 31, 2024 was due to goodwill and other intangible assets recorded during the third quarter of 2024 in connection with the merger. The Company identified acquired intangible assets related to core deposits (e.g., core deposit intangible) and Cambridge Trust Wealth Management, which included a customer list intangible and trade name intangible. Refer to Note 3, Mergers and Acquisitions for further information regarding the Company’s merger with Cambridge.

Schedule of Goodwill Carrying Value

The changes in the carrying value of goodwill for the periods indicated were as follows:

	For the Years Ended December 31,
	2024		2023
	(In thousands)
Balance at beginning of year	$	557,635	$	557,635
Goodwill recorded during the year	357,322		—
Balance at end of year	$	914,957	$	557,635

Schedule of Carrying Amount and Accumulated Amortization of Other Intangible Assets

The following table sets forth the carrying amount of the Company’s other intangible assets, net of accumulated amortization, as of the dates indicated below:

	As of December 31,
	2024						2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In thousands)
Core deposit intangible	$	126,633	$	(15,337)	$	111,296	$	11,633	$	(3,063)	$	8,570
Customer list intangible	25,000		(2,159)		22,841		—		—		—
Trade name intangible	1,200		(136)		1,064		—		—		—
Total	$	152,833	$	(17,632)	$	135,201	$	11,633	$	(3,063)	$	8,570

Schedule of Amortization Expense

The estimated amortization expense for the remaining useful life of the Company’s other intangible assets is as follows:

Year	(In thousands)
2025	$	31,231
2026	29,464
2027	22,219
2028	16,175
2029	13,454
Thereafter	22,658
Total amortization expense	$	135,201