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Goodwill and Other Intangibles and Servicing Rights (Tables)
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets A summary of goodwill and other intangibles was as follows.
(in thousands)March 31, 2024December 31, 2023
Goodwill$367,387 $367,387 
Core deposit intangibles23,424 25,112 
Customer list intangibles2,372 1,867 
    Other intangibles25,796 26,979 
Goodwill and other intangibles, net$393,183 $394,366 
Schedule of Other Intangible Assets A summary of other intangible assets was as follows.
Three Months EndedYear Ended
(in thousands)March 31, 2024December 31, 2023
Core deposit intangibles:
Gross carrying amount$60,724 $60,724 
Accumulated amortization(37,300)(35,612)
Net book value$23,424 $25,112 
Additions during the period$— $— 
Amortization during the period$1,688 $7,589 
Customer list intangibles:
Gross carrying amount$6,173 $5,523 
Accumulated amortization(3,801)(3,656)
Net book value$2,372 $1,867 
Additions during the period$650 $— 
Amortization during the period$145 $483 
Schedule of Mortgage and Loan Servicing Rights A summary of the changes in the mortgage servicing rights asset was as follows.
Three Months EndedYear Ended
(in thousands)March 31, 2024December 31, 2023
Mortgage servicing rights asset:
MSR asset at beginning of year$11,655 $13,080 
Capitalized MSR327 1,540 
Amortization during the period(782)(2,965)
MSR asset at end of period$11,200 $11,655 
Valuation allowance at beginning of year$— $(500)
Reversals— 500 
Valuation allowance at end of period$— $— 
MSR asset, net$11,200 $11,655 
Fair value of MSR asset at end of period$17,587 $16,810 
Residential mortgage loans serviced for others$1,603,173 $1,609,395 
Net book value of MSR asset to loans serviced for others0.70 %0.72 %
A summary of the changes in the LSR asset were as follows.
Three Months EndedYear Ended
(in thousands)March 31, 2024December 31, 2023
Loan servicing rights asset:
LSR asset at beginning of year$8,831 $11,039 
Amortization during the period(491)(2,208)
LSR asset at end of period$8,340 $8,831 
Agricultural loans serviced for others$481,651 $492,137 
Schedule of Estimated Future Amortization Expense for Amortizing Intangible Assets and the MSR Asset
The following table shows the estimated future amortization expense for amortizing intangible assets and the servicing assets. The projections are based on existing asset balances, the current interest rate environment and estimated prepayment speeds as of March 31, 2024. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
(in thousands)Core deposit
intangibles
Customer list
intangibles
MSR assetLSR asset
Year ending December 31,
2024 (remaining nine months)
$4,610 $435 $2,113 $1,471 
20255,161 579 2,158 1,717 
20263,983 379 1,583 1,472 
20273,218 296 1,582 1,227 
20282,622 296 1,581 981 
20291,911 166 1,569 736 
Thereafter1,919 221 614 736 
Total$23,424 $2,372 $11,200 $8,340