Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2025, 2024, or 2023.

The Corporation had goodwill of $1.1 billion at both December 31, 2025 and 2024.

Core Deposit Intangibles

The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:

(in thousands)	2025		2024		2023
Core deposit intangibles
Gross carrying amount at the beginning of the year	$	88,109	$	88,109	$	88,109
Accumulated amortization	(65,260)		(56,449)		(47,638)
Net book value	$	22,849	$	31,660	$	40,471
Amortization during the year	$	8,811	$	8,811	$	8,811

Mortgage Servicing Rights 

A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:

(in thousands)	2025			2024
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	87,683		$	84,390
Additions	8,716			6,707
Decay	(8,621)			(8,060)
Valuation:
Changes in fair value of asset	(1,441)			4,646
Mortgage servicing rights at end of period	$	86,337		$	87,683
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	6,191,012		$	6,285,018
Mortgage servicing rights to servicing portfolio	1.39		%	1.40		%

The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 2025. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:

(in thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
2026	$	8,811	$	10,559
2027	8,811		11,814
2028	3,485		11,616
2029	1,681		10,645
2030	61		9,440
Beyond 2030	—		32,263
Total estimated amortization expense and MSRs decay(a)	$	22,849	$	86,337

(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.