Goodwill and Other Intangible Assets |
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| Goodwill and Other Intangible Assets | Note 18 — Goodwill and Other Intangible Assets The carrying amount of goodwill was $3.1 billion and $1.9 billion, respectively, at June 30, 2025, and December 31, 2024. The Company added $1.2 billion in goodwill related to the Independent acquisition in the first quarter of 2025. The Company made subsequent fair value adjustments related to the Independent acquisition in the second quarter of 2025 that increased goodwill by $6.0 million. The Company also added $412.1 million in core deposit intangibles related to the Independent acquisition and $558,000 related to the purchase of a wealth business client list during the first quarter of 2025. In the second quarter of 2025, the Company recorded a client list intangible for $2.5 million related to the wealth business acquired with the Independent acquisition. The goodwill was calculated based on the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, and subject to change as additional information becomes available during the measurement period. The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2024, and determined there was no impairment of the Company’s goodwill. Management continues to monitor the impact of market conditions on the Company’s business, operating results, cash flows and/or financial condition. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets:
Amortization expense totaled $24.0 million and $47.9 million, for the three and six months ended June 30, 2025, respectively, compared to $5.7 million and $11.7 million for the three and six months ended June 30, 2024, respectively. Other intangibles, except for SBA servicing assets which are carried at fair value, are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between and 15 years.
Estimated amortization expense for other intangibles for each of the next five quarters is as follows:
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