Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets:

Goodwill associated with the Company’s purchases of Emlenton in January 2023 and other past acquisitions totaled $167.4 million at March 31, 2024 and December 31, 2023. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a market approach method. Results of the assessment as of September 30, 2023, indicated no goodwill impairment. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:


	March 31, 2024					December 31, 2023
(In Thousands of Dollars)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationship intangibles	$	7,210	$	(6,987	)	$	7,210	$	(6,953	)
Non-compete contracts		457		(416	)		457		(413	)
Trade name		1,126		(447	)		1,126		(440	)
Core deposit intangible		32,115		(10,905	)		32,115		(10,260	)
Total	$	40,908	$	(18,755	)	$	40,908	$	(18,066	)

Aggregate amortization expense was $688 thousand and $909 thousand for the three month periods ended March 31, 2024 and 2023, respectively.

Estimated amortization expense for each of the next five periods and thereafter:


2024 (9 months)	$	1,888
2025		2,451
2026		2,355
2027		2,242
2028		2,231
Thereafter		10,986
Total	$	22,153