GOODWILL AND CORE DEPOSIT INTANGIBLES

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND CORE DEPOSIT INTANGIBLES

NOTE 7 — GOODWILL AND CORE DEPOSIT INTANGIBLES

Goodwill

BancShares had goodwill of $346 million at September 30, 2024 and December 31, 2023. There was no goodwill impairment during the nine months ended September 30, 2024 or 2023.

Core Deposit Intangibles

Core deposit intangibles represent the estimated fair value of core deposits and other customer relationships acquired. Core deposit intangibles are being amortized over their estimated useful lives. The following tables summarize the activity for core deposit intangibles during the nine months ended September 30, 2024:

Core Deposit Intangibles

dollars in millions	Nine Months Ended September 30, 2024
Balance at beginning of period, net of accumulated amortization	$	312
Less: amortization for the period	47
Balance at end of period, net of accumulated amortization	$	265

The following table summarizes the accumulated amortization balance for core deposit intangibles at September 30, 2024 and December 31, 2023:

Core Deposit Intangible Accumulated Amortization

dollars in millions	September 30, 2024		December 31, 2023
Gross balance	$	501	$	501
Less: accumulated amortization	236		189
Balance, net of accumulated amortization	$	265	$	312

The following table summarizes the expected amortization expense as of September 30, 2024 in subsequent periods for core deposit intangibles:

Core Deposit Intangible Expected Amortization

dollars in millions
Remainder 2024	$	16
2025	54
2026	46
2027	39
2028	34
2029	30
Thereafter	46
Balance, net of accumulated amortization	$	265