The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of First Mid Wealth Management Company and First Mid Insurance. The following table presents gross carrying value and accumulated amortization by major intangible asset class as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024				December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Goodwill not subject to amortization	$	200,221	$	3,760	$	200,221	$	3,760
Intangibles from branch acquisition		3,015		3,015		3,015		3,015
Core deposit intangibles		79,945		37,520		79,945		34,966
Other intangibles		26,552		11,198		26,552		10,620
	$	309,733	$	55,493	$	309,733	$	52,361

Goodwill of $50.1 million was recorded for the acquisition and merger of Blackhawk Bancorp, Inc. during the third quarter of 2023. All of the goodwill was assigned to the banking division of the Company. The goodwill will not be deductible for tax purposes.

The following table provides a reconciliation of the purchase price paid for the acquisition of Blackhawk and the amount of goodwill recorded (in thousands):


Unallocated purchase price				$	26,955
Less purchase accounting adjustments:
Fair value of securities	$	(25,521	)
Fair value of loans, net		(43,477	)
Fair value of premises and equipment		(3,856	)
Fair value of time deposits		2,311
Fair value of subordinated and jr subordinated debentures		3,707
Increase in core deposit intangible		33,731
Increase in mortgage servicing rights		3,344
Other assets		6,619
					(23,142	)
				$	50,097

During the quarter ended June 30, 2023, goodwill of $6 million was recorded for the acquisition of the stock of Purdum, Gray, Ingledue, Beck, Inc., in connection with its insurance business. First Mid Insurance was assigned all this goodwill. The following provides a reconciliation of the purchase price paid for Purdum, Gray, Ingledue, Beck, Inc. and the amount of goodwill recorded (in thousands):


Unallocated purchase price				$	10,145
Less purchase accounting adjustments:
Insurance Company intangible	$	5,770
Other liabilities		(1,576	)
					4,194
				$	5,951

The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of March 31, 2024, March 31, 2023 and December 31, 2023 (in thousands):


	March 31, 2024			March 31, 2023			December 31, 2023
Beginning balance	$	6,859		$	331		$	331
Mortgage servicing rights acquired during period		—			—			7,070
Adjustment to valuation reserve		(33	)		—			(8	)
Mortgage servicing rights amortized		(364	)		(17	)		(524	)
Interest only strip		(3	)		(2	)		(10	)
Ending balance	$	6,459		$	312		$	6,859

Total amortization expense for three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three months ended
	March 31,
	2024		2023
Core deposit intangibles	$	2,554	$	1,049
Customer list intangibles		579		456
Mortgage servicing rights		364		17
	$	3,497	$	1,522

Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):


Aggregate amortization expense:
For period 01/01/24 - 03/31/24	$	3,497
Estimated amortization expense:
For period 04/01/24 - 12/31/24		9,982
For year ended 12/31/25		12,158
For year ended 12/31/26		10,570
For year ended 12/31/27		9,351
For year ended 12/31/28		8,183

In accordance with the provisions of SFAS No. 142, “Goodwill and Other Intangible Assets,” codified within ASC 350, the Company performed testing of goodwill for impairment as of May 31, 2023 and determined that, as of that date, goodwill was not impaired. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets.