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Goodwill and Other Acquisition-Related Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Acquisition-Related Intangible Assets | Goodwill and Other Acquisition-Related Intangible Assets A summary of the Company’s goodwill assets by reporting unit is presented in the following table:
(In thousands) | December 31, 2022 |  | Goodwill Acquired |  | Impairment Loss |  | Goodwill Adjustments |  | September 30, 2023
Community banking | $ | 545,671 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 545,671 |
Specialty finance | 38,480 |  |  | — |  |  | — |  |  | (37) |  |  | 38,443 |
Wealth management | 69,373 |  |  | 2,622 |  |  | — |  |  | — |  |  | 71,995 |
Total | $ | 653,524 |  |  | $ | 2,622 |  |  | $ | — |  |  | $ | (37) |  |  | $ | 656,109 |
The wealth management unit’s goodwill increased $2.6 million in the first nine months of 2023 as a result of the Rothschild & Co Asset Management U.S. acquisition. The specialty finance unit’s goodwill decreased $37,000 in the first nine months of 2023 as a result of foreign currency translation adjustments related to the Canadian acquisitions. The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2022, the Company utilized a qualitative approach for its annual goodwill impairment tests of the banking, specialty finance and wealth management reporting units and determined that no impairment existed at that time. At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. The Company assessed whether events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. At the conclusion of this assessment of all reporting units, the Company determined that as of September 30, 2023, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit. A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of September 30, 2023 is as follows:
(In thousands) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2022
Community banking segment: |  |  |  |  |
Core deposit intangibles with finite lives: |  |  |  |  |
Gross carrying amount | $ | 55,206 |  |  | $ | 55,206 |  |  | $ | 55,206 |
Accumulated amortization | (45,304) |  |  | (42,501) |  |  | (41,480) |
Net carrying amount | $ | 9,902 |  |  | $ | 12,705 |  |  | $ | 13,726 |
Trademark with indefinite lives: |  |  |  |  |
Carrying amount | 5,800 |  |  | 5,800 |  |  | 5,800 |
Total net carrying amount | $ | 15,702 |  |  | $ | 18,505 |  |  | $ | 19,526 |
Specialty finance segment: |  |  |  |  |
Customer list intangibles with finite lives: |  |  |  |  |
Gross carrying amount | $ | 1,962 |  |  | $ | 1,962 |  |  | $ | 1,960 |
Accumulated amortization | (1,826) |  |  | (1,785) |  |  | (1,771) |
Net carrying amount | $ | 136 |  |  | $ | 177 |  |  | $ | 189 |
Wealth management segment: |  |  |  |  |
Customer list and other intangibles with finite lives: |  |  |  |  |
Gross carrying amount | $ | 26,630 |  |  | $ | 20,430 |  |  | $ | 20,430 |
Accumulated amortization | (18,224) |  |  | (16,926) |  |  | (16,525) |
Net carrying amount | $ | 8,406 |  |  | $ | 3,504 |  |  | $ | 3,905 |
Total acquisition-related intangible assets: |  |  |  |  |
Gross carrying amount | $ | 89,598 |  |  | $ | 83,398 |  |  | $ | 83,396 |
Accumulated amortization | (65,354) |  |  | (61,212) |  |  | (59,776) |
Total other acquisition-related intangible assets, net | $ | 24,244 |  |  | $ | 22,186 |  |  | $ | 23,620 |
Estimated amortization |
Actual in nine months ended September 30, 2023 | $ | 4,142 |
Estimated remaining in 2023 | 1,361 |
Estimated—2024 | 4,301 |
Estimated—2025 | 3,482 |
Estimated—2026 | 2,772 |
Estimated—2027 | 2,155 |
The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line basis. The increase in wealth management segment customer list and other intangibles relates to the acquisition in the second quarter 2023 which is being amortized over a period of ten years on an accelerated basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the acquisition of certain assets of Veterans First Mortgage in 2018. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived acquisition-related intangibles totaled approximately $4.1 million and $4.7 million for the nine months ended September 30, 2023 and 2022, respectively.

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