Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


	March 31, 2025								December 31, 2024
(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	$	(5,325)	$	—	$	225	$	5,550	$	(5,286)	$	—	$	264
Mortgage servicing rights	13,636		(4,020)		—		9,616		13,673		(3,905)		—		9,768
Total	$	19,186	$	(9,345)	$	—	$	9,841	$	19,223	$	(9,191)	$	—	$	10,032

Aggregate amortization expense on intangible assets was $338 thousand and $331 thousand for the three month periods ended March 31, 2025 and 2024, 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, 2025. 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)
2025	$	1,258
2026	1,101
2027	951
2028	824
2029	741

Changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2025 are as follows:


(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2025	$	146,539	$	3,600	$	264	$	9,768

Originations, net of disposals	—		—		—		147
Amortization	—		—		(39)		(299)

Balance March 31, 2025	$	146,539	$	3,600	$	225	$	9,616

Goodwill allocated to the Company’s operating segments at March 31, 2025 and December 31, 2024 is shown below.


(In thousands)	March 31, 2025		December 31, 2024
Consumer segment	$	70,721	$	70,721
Commercial segment	75,072		75,072
Wealth segment	746		746
Total goodwill	$	146,539	$	146,539