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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2021 |  | 2020 |  |  |  |
Balance at beginning of period | $ | 1,036,994 |  |  | $ | 1,036,994 |  |  |  |  |
Acquisitions and adjustments | — |  |  | — |  |  |  |  |
Balance at end of period | $ | 1,036,994 |  |  | $ | 1,036,994 |  |  |  |  |
Old National performed the required annual goodwill impairment test as of August 31, 2020 and there was no impairment. No events or circumstances since the August 31, 2020 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. The gross carrying amounts and accumulated amortization of other intangible assets were as follows:
(dollars in thousands) | Gross Carrying Amount |  | Accumulated Amortization and Impairment |  | Net Carrying Amount
March 31, 2021 |  |  |  |  |
Core deposit | $ | 103,264 |  |  | $ | (62,982) |  |  | $ | 40,282 |
Customer trust relationships | 16,547 |  |  | (13,890) |  |  | 2,657 |
Total intangible assets | $ | 119,811 |  |  | $ | (76,872) |  |  | $ | 42,939 |
December 31, 2020 |  |  |  |  |
Core deposit | $ | 112,723 |  |  | $ | (69,623) |  |  | $ | 43,100 |
Customer trust relationships | 16,547 |  |  | (13,633) |  |  | 2,914 |
Total intangible assets | $ | 129,270 |  |  | $ | (83,256) |  |  | $ | 46,014 |
Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2021 or 2020. Total amortization expense associated with intangible assets was $3.1 million for the three months ended March 31, 2021, compared to $3.8 million for the three months ended March 31, 2020. Estimated amortization expense for future years is as follows:
(dollars in thousands) |
2021 remaining | $ | 8,261 |
2022 | 9,014 |
2023 | 7,053 |
2024 | 5,645 |
2025 | 4,509 |
Thereafter | 8,457 |
Total | $ | 42,939 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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