GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9.GOODWILL AND INTANGIBLE ASSETS:

The Corporation completed its annual impairment testing of goodwill during the fourth quarter of 2024 and 2023. Management does not believe any amount of goodwill is impaired.

Goodwill was as follows at year-end:

	2024		2023		2022
Beginning of year	$	86,985	$	86,985	$	86,135
Acquired goodwill		13,041		—		850
Impairment		—		—		—
End of year	$	100,026	$	86,985	$	86,985

Goodwill related to the acquisition of Hancock Bancorp, Inc. was increased by $850 thousand in 2022 due to adjustments to deferred tax assets related to the filing of the final Hancock Bancorp, Inc. tax return.

Intangible assets subject to amortization at December 31, 2024 and 2023 are as follows:

	2024				2023
	Gross		Accumulated		Gross		Accumulated
(Dollar amounts in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	21,858	$	17,159	$	21,857	$	16,271
Acquired core deposit intangible		19,788		2,942		—		—
	$	41,646	$	20,101	$	21,857	$	16,271

Aggregate amortization expense was $3.8 million, $1.1 million and $1.3 million for 2024, 2023 and 2022, respectively.

Estimated amortization expense for the next five years is as follows:

	In thousands
2025	$	5,310
2026		4,015
2027		2,995
2028		2,888
2029		2,471