GOODWILL AND INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of the significant components of goodwill and intangible assets |
The following table provides information on the significant components of goodwill and other acquired intangible assets as of the periods ended (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Additions: |
|
|
|
|
Net |
|
|
Carrying |
|
Sandy Spring |
|
Accumulated |
|
Carrying |
|
|
Value |
|
Acquisition |
|
Amortization |
|
Value |
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
$ |
1,214,053 |
|
$ |
496,859 |
|
$ |
— |
|
$ |
1,710,912 |
CDIs |
|
|
159,901 |
|
|
243,351 |
|
|
(106,502) |
|
|
296,750 |
Other amortizable intangibles |
|
|
14,254 |
|
|
47,299 |
|
|
(6,922) |
|
|
54,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Additions: |
|
|
|
|
Net |
|
|
Carrying |
|
American National |
|
Accumulated |
|
Carrying |
|
|
Value |
|
Acquisition |
|
Amortization |
|
Value |
December 31, 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 |
|
| 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 |
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill (1) (3) |
|
$ |
1,237,585 |
|
$ |
473,327 |
|
$ |
— |
|
$ |
1,710,912 |
Intangible Assets (2) (4) |
|
|
53,159 |
|
|
697 |
|
|
297,525 |
|
|
351,381 |
December 31, 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 $387.6 million and $109.3 million, respectively, related to goodwill from the Sandy Spring acquisition. Refer to Note 2 “Acquisitions” for more information.
|
| (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. Refer to Note 2 “Acquisitions” for more information.
|
| (3) |
Wholesale Banking and Consumer Banking includes gross carrying values of $210.8 million and $78.0 million, respectively, related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information.
|
| (4) |
Wholesale Banking and Corporate Other includes gross carrying values of $8.4 million and $76.3 million, respectively, related to the American National acquisition. Refer to Note 2 “Acquisitions” for more information.
|
|
| Estimated Remaining Amortization Expense of Intangibles |
Amortization expense of intangibles for the three months ended June 30, 2025 and 2024 totaled $18.4 million and $6.0 million, respectively, and totaled $23.8 million and $7.9 million, respectively, for the six months ended June 30, 2025 and 2024. As of June 30, 2025, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands):
|
|
|
|
For the remaining six months of 2025 |
|
$ |
35,836 |
2026 |
|
|
60,282 |
2027 |
|
|
50,407 |
2028 |
|
|
41,936 |
2029 |
|
|
35,235 |
Thereafter |
|
|
127,685 |
Total estimated amortization expense |
|
$ |
351,381 |
|