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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
At December 31, 2024 and 2023, goodwill was $68.1 million and $18.7 million, respectively. During 2024, $49.4 million was added through the Merger. As permitted under GAAP, the Company has up to twelve months following the date of the Merger to finalize the fair values of the acquired assets and assumed liabilities related to the Merger. During this measurement period, the Company may record subsequent adjustments to goodwill for provisional amounts recorded at the Merger date, which merger-related tax adjustments are provisional. Subsequent to the initial valuation on July 1, 2024, the core deposit intangible and the customer relationship intangible from the Merger were adjusted by $4.3 million and $179 thousand, respectively, based on provisional adjustments from management's ongoing review. The provision adjustments to the core deposit intangible and customer relationship intangible resulted in deferred tax liabilities of $974 thousand and $41 thousand, respectively.
20242023
Balance, beginning of year$18,724 $18,724 
Acquired goodwill49,382 — 
Balance, end of year$68,106 $18,724 
Goodwill is not amortized, but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit. The Company conducted its last annual goodwill impairment test as of November 30, 2024 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. No changes occurred that would impact the results of that analysis through December 31, 2024. No impairment charges were recorded in December 31, 2024 and 2023.
The following table presents changes in and components of other intangible assets for the years ended December 31, 2024 and 2023. The Company acquired a core deposit intangible of $40.1 million and customer relationship intangible assets associated with wealth and brokerage businesses totaling $10.6 million from the Merger. Deferred tax liabilities were recorded on the core deposit intangible of $9.1 million and the customer relationship intangible of $2.4 million from the Merger. The core deposit intangible and customer relationship intangible assets are amortized based on the sum-of-the-years digits method over the expected life of 10 years. The Company also acquired an investment advisory business and related accounts with assets under management of $85.0 million on July 1, 2024. In connection with this acquisition, the Company recorded an intangible asset totaling $374 thousand associated with the customer relationship intangible, which is amortized based on the sum-of-the-years digits method over the expected life of 7 years. During 2023, the Company acquired an investment advisory firm and related accounts with assets under management of approximately $67.2 million. In connection with this acquisition, the Company recorded an intangible asset totaling $289 thousand associated with the customer relationship intangible, which is amortized based on the sum-of-the-years digits method over the expected life of 7 years.
No impairment charges were recorded on other intangible assets during the years ended December 31, 2024 and 2023.
20242023
Balance, beginning of year$2,414 $3,078 
Acquired CDI40,140 — 
Acquired customer relationship intangible
10,953 289 
Amortization expense(5,742)(953)
Balance, end of year$47,765 $2,414 
The following table presents the components of other identifiable intangible assets at December 31, 2024 and 2023.
20242023
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Amortized intangible assets:
Core deposit intangibles$48,530 $10,911 $8,390 $6,247 
Other client relationship intangibles11,242 1,096 289 18 
Total$59,772 $12,007 $8,679 $6,265 
The following table presents future estimated aggregate amortization expense at December 31, 2024.
2025$9,768 
20268,587 
20277,407 
20286,228 
20295,127 
Thereafter10,648 
$47,765 
The Company incurred amortization expense on other identifiable intangible assets of $5.7 million, $953 thousand and $1.1 million in the years ended December 31, 2024, 2023 and 2022, respectively.