| GOODWILL AND OTHER INTANGIBLES |
7. GOODWILL AND OTHER INTANGIBLES In connection with the Heritage acquisition, the Company recorded core deposit intangible assets of $116.6 million and goodwill of $334.1 million. For additional information on the acquisition of Heritage, see Note 4 - Business Combination. The following table presents the changes in the carrying value of goodwill as of the periods presented.
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
2026 |
|
|
2025 |
|
|
(Dollars in thousands) |
|
Balance, beginning of period |
$ |
765,822 |
|
|
$ |
765,822 |
|
Addition due to acquisition |
|
334,114 |
|
|
|
— |
|
Balance, end of period |
$ |
1,099,936 |
|
|
$ |
765,822 |
|
The following table summarizes changes in core deposit intangible assets and the related accumulated amortization for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
(Dollars in thousands) |
|
Gross CDI Amount |
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
97,213 |
|
|
$ |
97,213 |
|
|
$ |
97,213 |
|
|
$ |
97,213 |
|
Addition due to acquisition |
|
116,580 |
|
|
|
— |
|
|
|
116,580 |
|
|
|
— |
|
Balance, end of period |
$ |
213,793 |
|
|
$ |
97,213 |
|
|
$ |
213,793 |
|
|
$ |
97,213 |
|
Accumulated Amortization |
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
(92,289 |
) |
|
$ |
(88,401 |
) |
|
$ |
(91,439 |
) |
|
$ |
(87,246 |
) |
Amortization expense |
|
(3,577 |
) |
|
|
(1,155 |
) |
|
|
(4,427 |
) |
|
|
(2,310 |
) |
Balance, end of period |
|
(95,866 |
) |
|
|
(89,556 |
) |
|
|
(95,866 |
) |
|
|
(89,556 |
) |
Net CDI, end of period |
$ |
117,927 |
|
|
$ |
7,657 |
|
|
$ |
117,927 |
|
|
$ |
7,657 |
|
The following table reflects the estimated amortization expense for other intangible assets as of the date indicated.
|
|
|
|
|
|
|
June 30,
2026 |
|
Year: |
|
(Dollars in thousands) |
|
2026 (remainder of 2026) |
|
$ |
7,838 |
|
2027 |
|
|
14,600 |
|
2028 |
|
|
13,486 |
|
2029 |
|
|
12,972 |
|
2030 |
|
|
12,570 |
|
Thereafter |
|
|
56,461 |
|
Total |
|
$ |
117,927 |
|
|