Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

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GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

4. GOODWILL AND INTANGIBLE ASSETS

The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from previous acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from four years to ten years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from four years to ten years, using various methods. The Company concluded that there was no impairment to the goodwill or intangible assets as of the balance sheet date. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Company’s impairment process.

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

Wholesale Banking

Consumer Banking

Corporate Other

Total

March 31, 2024

 

  

 

  

 

  

  

Goodwill

$

639,180

$

286,031

$

$

925,211

Intangible Assets

 

1,238

 

936

 

15,114

 

17,288

December 31, 2023

 

  

 

  

 

  

 

  

Goodwill

$

639,180

$

286,031

$

$

925,211

Intangible Assets

 

1,302

 

989

 

16,892

 

19,183


Amortization expense of intangibles for the three months ended March 31, 2024 and 2023 totaled $1.9 million and $2.3 million, respectively.

As of March 31, 2024, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands):

For the remaining nine months of 2024

    

$

5,041

2025

5,289

2026

3,654

2027

2,068

2028

843

Thereafter

393

Total estimated amortization expense

$

17,288