Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

Goodwill and Other Intangible Assets

The following table presents information about the Company's intangible assets which have estimable useful lives.

	March 31, 2024								December 31, 2023
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Valuation Allowance		Net Amount		Gross Carrying Amount		Accumulated Amortization		Valuation Allowance		Net Amount
Amortizable intangible assets:
Core deposit premium	$	5,550	$	(5,145)	$	—	$	405	$	5,550	$	(5,092)	$	—	$	458
Mortgage servicing rights	13,651		(3,738)		—		9,913		13,723		(3,602)		—		10,121
Total	$	19,201	$	(8,883)	$	—	$	10,318	$	19,273	$	(8,694)	$	—	$	10,579

Aggregate amortization expense on intangible assets was $331 thousand and $356 thousand for the three month periods ended March 31, 2024 and 2023, respectively. The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of March 31, 2024. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.

(In thousands)
2024	$	1,277
2025	1,140
2026	997
2027	861
2028	748

Changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2024 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2024	$	146,539	$	3,600	$	458	$	10,121
Originations, net of disposals	—		—		—		70
Amortization	—		—		(53)		(278)
Balance March 31, 2024	$	146,539	$	3,600	$	405	$	9,913

Goodwill allocated to the Company’s operating segments at March 31, 2024 and December 31, 2023 is shown below.

(In thousands)	March 31, 2024		December 31, 2023
Consumer segment	$	70,721	$	70,721
Commercial segment	75,072		75,072
Wealth segment	746		746
Total goodwill	$	146,539	$	146,539