GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The change in the carrying value of goodwill for the years ended December 31, 2024 and 2023 is summarized below for both the total Company and by the Company's reporting units.

	December 31,
(dollars in thousands)	2024		2023
Consolidated
Carrying amount of goodwill at beginning of year	$	1,015,646	$	1,015,646
Carrying amount of goodwill at end of year	$	1,015,646	$	1,015,646
Banking
Carrying amount of goodwill at beginning of year	$	951,148	$	951,148
Carrying amount of goodwill at end of year	$	951,148	$	951,148
Premium Finance Division
Carrying amount of goodwill at beginning of year	$	64,498	$	64,498
Carrying amount of goodwill at end of year	$	64,498	$	64,498

The Company performs its annual impairment test at December 31 of each year and more frequently if a triggering event occurs. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value.

At December 31, 2024, the Company performed its annual qualitative assessment and determined that it was more likely than not that the reporting units fair values exceeded their carrying values.

The carrying value of intangible assets as of December 31, 2024 and 2023 was $70.8 million and $87.9 million, respectively. Intangible assets are comprised of core deposit intangibles, referral relationships intangibles, patent intangibles, trade name intangibles and non-compete agreement intangibles.

The following is a summary of information related to acquired intangible assets:

	As of December 31, 2024				As of December 31, 2023
(dollars in thousands)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit premiums	$	86,454	$	66,093	$	86,454	$	59,045
Referral relationships	88,651		39,214		88,651		29,790
Trade names	2,734		2,065		2,734		1,581
Patent	420		126		420		84
Non-compete agreements	570		570		570		380
	$	178,829	$	108,068	$	178,829	$	90,880

The aggregate amortization expense for intangible assets was approximately $17.2 million, $18.2 million and $19.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

2025	$	15,937
2026	12,394
2027	11,127
2028	10,005
2029	7,954
Thereafter	13,344
	$	70,761