XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.2
Goodwill and Other Intangible Assets
 6 Months Ended
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)2024202320242023
Balance at beginning of period$1,998,716 $1,998,716 $1,998,716 $1,998,716 
Acquisitions and adjustments171,993 — 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 relationships52,621 (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 relationships52,621 (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 
202526,116 
202622,474 
202718,947 
202815,598 
Thereafter37,712 
Total$135,495