Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill is tested annually, or more often than annually if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Goodwill totaled $1.32 billion at March 31, 2026 and December 31, 2025. Goodwill impairment was neither indicated nor recorded during the three months ended March 31, 2026 or the year ended December 31, 2025.

Core deposit premiums represent the value of the relationships that acquired banks had with their deposit customers and are amortized over periods ranging from 10 years to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Other intangible assets represent the value of other acquired relationships, including relationships with trust and wealth management customers, and are being amortized over various periods ranging from 8 years to 15 years.

Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at March 31, 2026 and December 31, 2025 were as follows: 

	March 31,		December 31,
(In thousands)	2026		2025
Core deposit premiums:
Balance, beginning of year	$	76,390	$	87,575
Amortization	(2,689)		(11,185)
Balance, end of period	73,701		76,390
Books of business and other intangibles:
Balance, beginning of year	8,033		9,667
Amortization	(409)		(1,634)
Balance, end of period	7,624		8,033
Total other intangible assets, net	$	81,325	$	84,423

The carrying basis and accumulated amortization of the Company’s other intangible assets at March 31, 2026 and December 31, 2025 were as follows: 

	March 31,		December 31,
(In thousands)	2026		2025
Core deposit premiums:
Gross carrying amount	$	147,477	$	173,305
Accumulated amortization	(73,776)		(96,915)
Core deposit premiums, net	73,701		76,390
Books of business and other intangibles:
Gross carrying amount	22,068		22,068
Accumulated amortization	(14,444)		(14,035)
Books of business and other intangibles, net	7,624		8,033
Total other intangible assets, net	$	81,325	$	84,423

The Company’s estimated remaining amortization expense on other intangible assets as of March 31, 2026 is as follows: 

(In thousands)	Year	Amortization Expense
	Remainder of 2026	$	9,249
	2027	12,218
	2028	11,312
	2029	8,563
	2030	8,160
	Thereafter	31,823
	Total	$	81,325