Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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)		2024		2023
Balance at beginning of period		$	1,998,716	$	1,998,716
Acquisitions and adjustments		—		—
Balance at end of period		$	1,998,716	$	1,998,716

Old National performed the required annual goodwill impairment test as of August 31, 2023 and there was no impairment. No events or circumstances since the August 31, 2023 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, 2024
Core deposit	$	143,511	$	(77,249)	$	66,262
Customer trust relationships	52,621		(22,088)		30,533
Total other intangible assets	$	196,132	$	(99,337)	$	96,795

December 31, 2023
Core deposit	$	143,511	$	(72,940)	$	70,571
Customer trust relationships	52,621		(20,942)		31,679
Total other intangible assets	$	196,132	$	(93,882)	$	102,250

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, 2024 or 2023. Total amortization expense associated with intangible assets was $5.5 million for the three months ended March 31, 2024, compared to $6.2 million for the three months ended March 31, 2023.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2024 remaining	$	15,784
2025	18,358
2026	15,555
2027	12,867
2028	10,356
Thereafter	23,875
Total	$	96,795