The Company has goodwill from business combinations, identifiable intangible assets assigned to core deposit relationships and customer lists of business lines acquired. The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026				December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Goodwill	$	207,364	$	3,760	$	207,151	$	3,760
Core deposit intangibles		101,185		58,396		79,945		53,285
Customer list intangibles		40,570		17,611		34,420		16,021
Total	$	349,119	$	79,767	$	321,516	$	73,066

Core deposit intangibles are being amortized over a period of 10 years and other intangibles, primarily customer lists, are being amortized over periods ranging from 3 to 16 years.

During the quarter ended March 31, 2026, a customer list intangible asset of $1.4 million was recorded for the acquisition of DIA’s customer list in connection with its insurance business. The purchase consideration given to DIA matches the amount of intangible assets recorded.

Goodwill of $213,000 was recorded for the acquisition and merger of Two Rivers during the six months ended June 30, 2026. The goodwill will not be deductible for tax purposes. During the quarter ended June 30, 2026, the Company adjusted certain provisional

valuations recorded as of the acquisition date. Measurement-period adjustments related to premises and equipment, customer list intangibles, deferred tax assets, and accrued liabilities. These adjustments increased goodwill by $213,000. The following table summarizes the changes in provisional amounts recorded during the measurement period.


Assets Received or Liability Assumed	June 30, 2026		March 31, 2026		Effect to goodwill resulting from acquisition
Premises and equipment	$	10,976	$	11,743	$	767
Other assets		12,890		12,889		(1	)
Customer list intangible		4,800		5,043		243
Deferred tax asset		10,398		10,191		(207	)
Accrued and other liabilities		5,576		6,165		589
Total					$	213

In December 2025, a customer list intangible asset of $764,000 was recorded for the acquisition of RFMS customer list in connection with its farm management business. The purchase consideration given to RFMS matches the amount of intangible assets recorded.

During the quarter ended September 30, 2025, a customer list intangible asset of $2.8 million was recorded for the acquisition of a portion of AAIG's customer list in connection with its insurance business. The purchase consideration given to AAIG matches the amount of intangible assets recorded.

During the quarter ended September 30, 2024, goodwill of $6.9 million was recorded for the acquisition of the stock of Mid Rivers Insurance Group, Inc., in connection with its insurance business.

The following provides a reconciliation of the purchase price paid for Mid Rivers Insurance Group, Inc. and the amount of goodwill recorded (in thousands):


Unallocated purchase price				$	10,059
Less purchase accounting adjustments:
Insurance Company intangible	$	4,305
Other liabilities		(1,176	)
Total purchase accounting adjustments					3,129
Resulting goodwill from acquisition				$	6,930

The unpaid principal balance of mortgage loans serviced for others was $483.0 million, $541.9 million, and $509.7 million as of June 30, 2026, June 30, 2025, and December 31, 2025, respectively. The Company has mortgage servicing rights acquired in previous acquisitions. Mortgage servicing rights are accounted for under the amortization method. The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of six months ended June 30, 2026 and 2025 (in thousands):


	June 30, 2026			June 30, 2025
Beginning balance	$	4,566		$	5,629
Adjustment to valuation reserve		—			1
Mortgage servicing rights amortized		(478	)		(541	)
Interest only strip		16			(8	)
Ending balance	$	4,104		$	5,081
Fair value of portfolio	$	5,754		$	6,310

Total amortization expense for three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Core deposit intangibles	$	2,849	$	2,186	$	5,111	$	4,449
Customer list intangibles		806		681		1,590		1,362
Mortgage servicing rights		223		254		478		541
Total	$	3,878	$	3,121	$	7,179	$	6,352

Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):


Aggregate amortization expense:
For period 01/01/26-06/30/26	$	7,179
Estimated amortization expense:
For period 07/01/26-12/31/26		7,363
For year-ended 12/31/27		13,420
For year-ended 12/31/28		11,726
For year-ended 12/31/29		9,953
For year-ended 12/31/30		7,932

The weighted average amortization period for core deposit, customer lists and total intangibles was 3.40, 5.25, and 4.03 years respectively, at June 30, 2026.

In accordance with GAAP, the Company performed its annual testing of goodwill for impairment as of September 30, 2025 and determined that, as of that date, goodwill was not impaired. The goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets.

Note 5 -- Goodwill and Intangible Assets