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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Other Intangible Assets

Note 19 — Goodwill and Other Intangible Assets

The carrying amount of goodwill was $1.9 billion and $1.6 billion, respectively, at March 31, 2022 and December 31, 2021. The Company added $342.9 million in goodwill related to the Atlantic Capital acquisition in the first quarter of 2022. The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The Company added $17.5 million in core deposit intangibles related to the Atlantic Capital transaction during the first quarter of 2022.

The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2021. During the second quarter of 2021, the Company implemented the change in its annual goodwill valuation date to October 31 each year in order for the valuation to be closer to our year end audit date. We determined that no impairment charge was necessary for each period end. We will continue to monitor the impact of the COVID-19 pandemic on the Company’s business, operating results, cash flows and/or financial condition.

The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets:


	March 31,		December 31,
(Dollars in thousands)	2022		2021
Gross carrying amount	$	278,368	$	257,874
Accumulated amortization		(138,004)		(129,807)
	$	140,364	$	128,067

Amortization expense totaled $8.5 million for the quarter ended March 31, 2022, compared to $9.2 million for the quarter ended March 31, 2021. Other intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two and 15 years. Estimated amortization expense for other intangibles for each of the next five quarters is as follows:


(Dollars in thousands)
Quarter ending:
June 30, 2022	$	8,463
September 30, 2022		8,027
December 31, 2022		8,027
March 31, 2023		7,299
June 30, 2023		7,028
Thereafter		101,520
	$	140,364