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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. GOODWILL AND INTANGIBLE ASSETS

The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. Refer to Note 1 “Summary of Significant Accounting Polices” in this Form 10-K for more information on the Company’s goodwill and intangible asset policies. The Company analyzed its intangible assets on a quarterly basis throughout 2025, and concluded no impairment existed as of the balance sheet date.

Preliminary goodwill associated with the Sandy Spring acquisition totaled $519.2 million at December 31, 2025 and was calculated based on the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, inclusive of subsequent measurement period adjustments described below, and is subject to change if the Company obtains additional information and evidence within the one-year measurement period. The Company recorded measurement period adjustments in the third and fourth quarters of 2025 related to the Sandy Spring acquisition, primarily related to other liabilities, fair values of certain loans, and other assets, which resulted in a $22.4 million increase in preliminary goodwill associated with the Sandy Spring acquisition compared to April 1, 2025. As a result of the American National acquisition, the Company recorded goodwill totaling $288.8 million, which reflected expected synergies and economies of scale from the acquisition. Refer to Note 2 “Acquisitions” in this Form 10-K for more information on the Company’s goodwill and intangible assets.

The following table provides information on the significant components of goodwill and other acquired intangible assets as of December 31, (dollars in thousands):

 

Gross

 

Additions:

 

Net

Carrying

Sandy Spring

Accumulated

Carrying

Value

Acquisition ⁽¹⁾

Amortization

Value

2025

Goodwill

1,214,053

519,234

—

1,733,287

CDIs

153,740

243,351

(131,740)

265,351

Other amortizable intangibles

14,041

47,299

(11,147)

50,193

⁽¹⁾Includes a $22.4 million increase in preliminary goodwill associated with the Sandy Spring acquisition related to measurement period adjustments during the third and fourth quarters of 2025.


	Gross			Additions:						Net
	Carrying			American National			Accumulated			Carrying
	Value			Acquisition			Amortization			Value
2024
Goodwill	$	925,211		$	288,842		$	—		$	1,214,053
CDIs		85,491			74,410			(85,768)			74,133
Other amortizable intangibles		3,977			10,277			(3,824)			10,430

The following table presents the Company’s goodwill and intangible assets by operating segment as of December 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
2025
Goodwill ⁽¹⁾	$	1,254,979	$	478,308	$	—	$	1,733,287
Intangible Assets ⁽²⁾		50,916		621		264,007		315,544
2024
Goodwill⁽³⁾	$	850,035	$	364,018	$	—	$	1,214,053
Intangible Assets ⁽⁴⁾		8,714		778		75,071		84,563

⁽¹⁾Wholesale Banking and Consumer Banking includes gross carrying values of $404.9 million and $114.3 million, respectively, related to goodwill from the Sandy Spring acquisition.

⁽²⁾Wholesale Banking and Corporate Other includes gross carrying values of $46 .3 million and $244.4 million, respectively, related to intangible assets from the Sandy Spring acquisition.

⁽³⁾ Wholesale Banking and Consumer Banking includes gross carrying values of $210.8 million and $78.0 million, respectively, related to goodwill from the American National acquisition.

⁽⁴⁾ Wholesale Banking and Corporate Other includes gross carrying values of $8.4 million and $76.3 million, respectively, related to intangible assets from the American National acquisition.

Amortization expense of intangibles for the years ended December 31, 2025, 2024, and 2023 totaled $59.7 million, $19.3 million, and $8.8 million, respectively.

As of December 31, 2025, the estimated remaining amortization expense of intangibles is as follows for the years ended (dollars in thousands):


2026	$	60,282
2027		50,407
2028		41,936
2029		35,235
2030		30,719
Thereafter		96,965
Total estimated amortization expense	$	315,544