Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS (Tables)

v3.24.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Information Concerning Intangible Assets with Finite Life

    

Gross

    

Additions:

    

    

Net

Carrying

American National

Accumulated

Carrying

Value

Acquisition (1)

Amortization

Value

September 30, 2024

 

  

 

  

 

  

 

  

Goodwill

$

925,211

$

287,499

$

$

1,212,710

CDI

85,491

74,410

(80,828)

79,073

Other amortizable intangibles

3,977

10,277

(3,151)

11,103

December 31, 2023

 

  

 

  

 

  

 

  

Goodwill

$

925,211

$

$

$

925,211

CDI

85,491

(68,599)

16,892

Other amortizable intangibles

 

3,977

 

 

(1,686)

 

2,291

(1) Includes initial goodwill of $282.3 million and a goodwill adjustment of $5.2 million related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information.

Schedule of goodwill and intangible assets by operating segment

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

September 30, 2024

 

  

 

  

 

  

  

Goodwill (1)

$

845,239

$

362,245

$

5,226

$

1,212,710

Intangible Assets (2)

 

9,032

 

830

 

80,314

 

90,176

December 31, 2023

 

  

 

  

 

  

 

  

Goodwill

$

639,180

$

286,031

$

$

925,211

Intangible Assets

 

1,302

 

989

 

16,892

 

19,183

(1) Wholesale Banking and Consumer Banking includes gross carrying values of $209.9 million and $77.6 million, respectively, which were added in the second quarter of 2024 related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information.

(2) Wholesale Banking and Corporate Other includes gross carrying values of $8.4 million and $76.3 million, respectively, which were added in the second quarter of 2024 related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information.

Estimated Remaining Amortization Expense of Intangibles

For the remaining three months of 2024

    

$

5,615

2025

19,950

2026

16,245

2027

12,936

2028

10,151

Thereafter

25,279

Total estimated amortization expense

$

90,176