Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

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 the first three months of 2025 or the first three months of 2026.

The Corporation had goodwill of $1.1 billion at both March 31, 2026 and December 31, 2025.

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)	Three Months Ended Mar 31, 2026		Year Ended Dec 31, 2025
Core deposit intangibles
Gross carrying amount at the beginning of period	$	88,109	$	88,109

Accumulated amortization	(67,462)		(65,260)
Net book value	$	20,647	$	22,849
Amortization during the period	$	2,203	$	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)	Three Months Ended Mar 31, 2026			Year Ended Dec 31, 2025
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	86,337		$	87,683


Additions	2,246			8,716
Decay	(2,245)			(8,621)
Valuation:

Changes in fair value of asset	1,261			(1,441)


Mortgage servicing rights at end of period	$	87,599		$	86,337





Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	6,144,785		$	6,191,012
Mortgage servicing rights to servicing portfolio	1.43		%	1.39		%

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 March 31, 2026. 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
Nine Months Ended December 31, 2026	$	6,608	$	6,785
2027	8,811		11,573
2028	3,485		11,793
2029	1,681		11,060
2030	62		10,080
2031	—		8,988
Beyond 2031	—		27,320
Total estimated amortization expense and MSRs decay(a)	$	20,647	$	87,599

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