Goodwill and Intangible Assets (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Schedule of Intangible Assets and Goodwill |
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):
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June 30, 2026 |
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December 31, 2025 |
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Gross Carrying
Value |
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Accumulated
Amortization |
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Gross Carrying
Value |
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Accumulated
Amortization |
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Goodwill |
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$ |
207,364 |
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$ |
3,760 |
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$ |
207,151 |
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$ |
3,760 |
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Core deposit intangibles |
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101,185 |
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58,396 |
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79,945 |
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53,285 |
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Customer list intangibles |
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40,570 |
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17,611 |
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34,420 |
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16,021 |
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Total |
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$ |
349,119 |
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$ |
79,767 |
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$ |
321,516 |
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$ |
73,066 |
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| Summary of Changes in Provisional Amounts Recorded During the Measurement Period |
The following table summarizes the changes in provisional amounts recorded during the measurement period.
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Assets Received or Liability Assumed |
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June 30, 2026 |
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March 31, 2026 |
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Effect to goodwill resulting from acquisition |
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Premises and equipment |
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$ |
10,976 |
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$ |
11,743 |
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$ |
767 |
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Other assets |
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12,890 |
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12,889 |
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(1 |
) |
Customer list intangible |
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4,800 |
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5,043 |
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|
243 |
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Deferred tax asset |
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10,398 |
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10,191 |
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(207 |
) |
Accrued and other liabilities |
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5,576 |
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|
6,165 |
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|
589 |
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Total |
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$ |
213 |
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| Intangible Assets Mortgage Servicing Rights |
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):
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June 30, 2026 |
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June 30, 2025 |
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Beginning balance |
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$ |
4,566 |
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$ |
5,629 |
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Adjustment to valuation reserve |
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— |
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1 |
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Mortgage servicing rights amortized |
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(478 |
) |
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(541 |
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Interest only strip |
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16 |
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(8 |
) |
Ending balance |
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$ |
4,104 |
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$ |
5,081 |
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Fair value of portfolio |
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$ |
5,754 |
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$ |
6,310 |
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| Schedule of Intangible Assets Amortization Expense |
Total amortization expense for three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Core deposit intangibles |
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$ |
2,849 |
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$ |
2,186 |
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$ |
5,111 |
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$ |
4,449 |
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Customer list intangibles |
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|
806 |
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|
681 |
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1,590 |
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1,362 |
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Mortgage servicing rights |
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223 |
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254 |
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478 |
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|
541 |
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Total |
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$ |
3,878 |
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$ |
3,121 |
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$ |
7,179 |
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$ |
6,352 |
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| Schedule of Expected Amortization Expense |
Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):
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Aggregate amortization expense: |
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For period 01/01/26-06/30/26 |
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$ |
7,179 |
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Estimated amortization expense: |
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For period 07/01/26-12/31/26 |
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7,363 |
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For year-ended 12/31/27 |
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13,420 |
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For year-ended 12/31/28 |
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11,726 |
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For year-ended 12/31/29 |
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9,953 |
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For year-ended 12/31/30 |
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7,932 |
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| MRIG |
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| Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded |
The following provides a reconciliation of the purchase price paid for Mid Rivers Insurance Group, Inc. and the amount of goodwill recorded (in thousands):
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Unallocated purchase price |
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$ |
10,059 |
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Less purchase accounting adjustments: |
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Insurance Company intangible |
$ |
4,305 |
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Other liabilities |
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(1,176 |
) |
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Total purchase accounting adjustments |
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3,129 |
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Resulting goodwill from acquisition |
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$ |
6,930 |
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