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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 1,998,716 |  |  | $ | 1,998,716 |  |  | $ | 1,998,716 |  |  | $ | 1,998,716 |
Acquisitions and adjustments | 171,993 |  |  | — |  |  | 171,993 |  |  | — |
Balance at end of period | $ | 2,170,709 |  |  | $ | 1,998,716 |  |  | $ | 2,170,709 |  |  | $ | 1,998,716 |
During the three months ended June 30, 2024, Old National recorded $172.0 million of goodwill associated with the acquisition of CapStar. 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, 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
June 30, 2024 |  |  |  |  |
Core deposit | $ | 189,636 |  |  | $ | (83,537) |  |  | $ | 106,099 |
Customer trust relationships | 52,621 |  |  | (23,225) |  |  | 29,396 |
Total other intangible assets | $ | 242,257 |  |  | $ | (106,762) |  |  | $ | 135,495 |
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. During the three months ended June 30, 2024, Old National recorded $46.1 million of core deposit intangibles associated with the acquisition of CapStar. See Note 2 to the consolidated financial statements for additional detail regarding this transaction. 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, 2024 or 2023. Total amortization expense associated with intangible assets was $7.4 million and $12.9 million for the three and six months ended June 30, 2024, respectively, compared to $6.1 million and $12.2 million for the three and six months ended June 30, 2023, respectively. Estimated amortization expense for future years is as follows:
(dollars in thousands) |
2024 remaining | $ | 14,648 |
2025 | 26,116 |
2026 | 22,474 |
2027 | 18,947 |
2028 | 15,598 |
Thereafter | 37,712 |
Total | $ | 135,495 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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