GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the net carrying amount of goodwill by segment for the periods indicated:

(In thousands)	Community Banking		Insurance		Investment Management		Total
Balance December 31, 2022	$	331,689	$	—	$	31,747	$	363,436
No Activity	—		—		—		—
Balance December 31, 2023	331,689		—		31,747		363,436
Goodwill Impairment Loss	(54,391)		—		—		(54,391)
Balance December 31, 2024	$	277,298	$	—	$	31,747	$	309,045

The Company performed a quantitative impairment test of goodwill as of October 1, 2024 and utilized the market information from the Merger Agreement with Atlantic Union. As a result of the quantitative assessment, the Company recorded a goodwill impairment charge of $54.4 million in the fourth quarter of 2024 as the fair value of equity was less than book value. The entire goodwill impairment was allocated to the Community Banking unit based on immaterial size of the Investment Management reporting unit relative to the Consolidated Bancorp for both asset and equity. Refer to Note 1 - Significant Accounting Policies for more detail.

The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at December 31 in the following table:

	2024						Weighted	2023						Weighted
	Gross				Net		Average	Gross				Net		Average
	Carrying		Accumulated		Carrying		Remaining	Carrying		Accumulated		Carrying		Remaining
(Dollars in thousands)	Amount		Amortization		Amount		Life	Amount		Amortization		Amount		Life
Amortizing intangible assets:
Core deposit intangibles	$	29,038	$	(23,084)	$	5,954	3.9 years	$	29,038	$	(20,181)	$	8,857	5.5 years
Software intangibles	21,954		(5,019)		16,935		4.0 years	10,422		(183)		10,239		4.8 years
Other identifiable intangibles	13,906		(9,336)		4,570		6.9 years	13,906		(7,949)		5,957		7.7 years
Total amortizing intangible assets	$	64,898	$	(37,439)	$	27,459		$	53,366	$	(28,313)	$	25,053
Non-amortizing intangible assets:
Intangible projects in process(1)	3,289		—		3,289			$	3,248	$	—	$	3,248
Total intangible assets	$	68,187	$	(37,439)	$	30,748		$	56,614	$	(28,313)	$	28,301
Goodwill	$	309,045			$	309,045		$	363,436			$	363,436

(1) Capitalized costs on internal-use licensed software-related projects that are currently in the development/implementation phase.

The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31:

(In thousands)	Amount
2025	$	8,310
2026	6,899
2027	5,660
2028	4,342
2029	1,749
Thereafter	499
Total amortizing intangible assets	$	27,459