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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2023
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 June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Balance at beginning of period | $ | 1,998,716 |  |  | $ | 1,997,157 |  |  | $ | 1,998,716 |  |  | $ | 1,036,994 |
Acquisitions and adjustments | — |  |  | (5,623) |  |  | — |  |  | 954,540 |
Balance at end of period | $ | 1,998,716 |  |  | $ | 1,991,534 |  |  | $ | 1,998,716 |  |  | $ | 1,991,534 |
The decrease in goodwill for the three months ended June 30, 2022 resulted from measurement period adjustments related to the update of fair values of the assets acquired and liabilities assumed in the First Midwest merger. The increase in goodwill for the six months ended June 30, 2022 was due to the First Midwest merger. See Note 3 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
June 30, 2023 |  |  |  |  |
Core deposit | $ | 143,511 |  |  | $ | (63,521) |  |  | $ | 79,990 |
Customer trust relationships | 52,621 |  |  | (18,452) |  |  | 34,169 |
Total other intangible assets | $ | 196,132 |  |  | $ | (81,973) |  |  | $ | 114,159 |
December 31, 2022 |  |  |  |  |
Core deposit | $ | 170,642 |  |  | $ | (80,951) |  |  | $ | 89,691 |
Customer trust relationships | 56,243 |  |  | (19,529) |  |  | 36,714 |
Total other intangible assets | $ | 226,885 |  |  | $ | (100,480) |  |  | $ | 126,405 |
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 six months ended June 30, 2023 or 2022. Total amortization expense associated with intangible assets was $6.1 million and $12.2 million for the three and six months ended June 30, 2023, respectively, compared to $7.2 million and $12.0 million for the three and six months ended June 30, 2022, respectively. Estimated amortization expense for future years is as follows:
(dollars in thousands) |
2023 remaining | $ | 11,909 |
2024 | 21,239 |
2025 | 18,358 |
2026 | 15,555 |
2027 | 12,867 |
Thereafter | 34,231 |
Total | $ | 114,159 |

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