Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in the carrying amount of goodwill:


	Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Balance at beginning of period	$	1,036,994	$	1,036,994	$	1,036,258
Acquisitions and adjustments	—		—		736

Balance at end of period	$	1,036,994	$	1,036,994	$	1,036,994

Old National performed the required annual goodwill impairment test as of August 31, 2021 and there was no impairment. No events or circumstances since the August 31, 2021 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
December 31, 2021
Core deposit	$	92,754	$	(60,036)	$	32,718
Customer trust relationships	16,547		(14,587)		1,960
Total intangible assets	$	109,301	$	(74,623)	$	34,678

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 in 2021, 2020, or 2019. Total amortization expense associated with intangible assets was $11.3 million in 2021, $14.1 million in 2020, and $16.9 million in 2019.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2022	$	9,014
2023	7,053
2024	5,645
2025	4,509
2026	3,386
Thereafter	5,071
Total	$	34,678