Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Balance at beginning of period	$	1,036,994	$	1,036,994	$	1,036,994
Acquisitions and adjustments	961,722		—		—

Balance at end of period	$	1,998,716	$	1,036,994	$	1,036,994

During 2022, Old National recorded $961.7 million of goodwill associated with the First Midwest merger. See Note 2 to the consolidated financial statements for additional detail regarding this transaction.

Old National performed the required annual goodwill impairment test as of August 31, 2022 and there was no impairment. No events or circumstances since the August 31, 2022 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, 2022
Core deposit	$	170,642	$	(80,951)	$	89,691
Customer trust relationships	56,243		(19,529)		36,714
Total intangible assets	$	226,885	$	(100,480)	$	126,405

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

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. During 2022, Old National recorded $77.9 million of core deposit intangibles and $39.7 million of customer trust relationships intangible associated with the First Midwest merger.

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 2022, 2021, or

2020. Total amortization expense associated with intangible assets was $25.9 million in 2022, $11.3 million in 2021, and $14.1 million in 2020.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2023	$	24,214
2024	21,298
2025	18,417
2026	15,614
2027	12,926
Thereafter	33,936
Total	$	126,405