Goodwill and Other Intangible Assets
The following table provides information for intangible assets subject to amortization for the years ended December 31, 2025 and 2024: | | | | | | | | | | | |
| | December 31, |
| | 2025 | | 2024 |
| Amortizable intangible assets: | | | |
| Core deposit intangibles - gross | $ | 74,899 | | | 74,899 | |
| Acquisitions | 42,000 | | | — | |
| Less: accumulated amortization | (77,232) | | | (72,062) | |
| Core deposit intangibles - net | $ | 39,667 | | | 2,837 | |
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| Total intangible assets - net | $ | 39,667 | | | 2,837 | |
The following information shows the actual aggregate amortization expense for the years ended December 31, 2025, 2024 and 2023 as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for each of the five succeeding fiscal years:
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| For the year ended December 31, 2023 | $ | 3,270 | |
| For the year ended December 31, 2024 | 2,452 | |
| For the year ended December 31, 2025 | 5,171 | |
| For the year ending December 31, 2026 | 8,473 | |
| For the year ending December 31, 2027 | 7,073 | |
| For the year ending December 31, 2028 | 5,936 | |
| For the year ending December 31, 2029 | 5,102 | |
| For the year ending December 31, 2030 | 4,269 | |
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The following table provides information for the changes in the carrying amount of goodwill: | | | | | | | | | | | |
| | | | | Total |
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| Balance at December 31, 2024 | | | | | $ | 380,997 | |
| Goodwill acquired | | | | | 63,333 | |
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| Balance at December 31, 2025 | | | | | $ | 444,330 | |
We performed our annual goodwill impairment test as of June 30, 2025, 2024, and 2023 in accordance with ASC 350, Intangibles— Goodwill and Other, and concluded that goodwill was not impaired. As of December 31, 2025, 2024 and 2023, there were no events or changes in circumstances that would cause us to update that year’s goodwill impairment test and we concluded there was no impairment of goodwill as of such dates.
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.