Goodwill and Other Intangible Assets

12 Months Ended

Dec. 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:


	Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Balance at beginning of period	$	1,998,716	$	1,998,716	$	1,036,994
Acquisitions and adjustments	176,535		—		961,722

Balance at end of period	$	2,175,251	$	1,998,716	$	1,998,716

During 2024, Old National recorded $176.5 million of goodwill associated with the acquisition of CapStar. 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 these transactions.

Old National performed the required annual goodwill impairment test as of August 31, 2024 and there was no impairment. No events or circumstances since the August 31, 2024 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, 2024
Core deposit	$	189,636	$	(95,950)	$	93,686
Customer trust relationships	50,892		(23,731)		27,161
Total intangible assets	$	240,528	$	(119,681)	$	120,847

December 31, 2023
Core deposit	$	143,511	$	(72,940)	$	70,571
Customer trust relationships	52,621		(20,942)		31,679
Total 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 2024, Old National recorded $46.1 million of core deposit intangibles associated with the acquisition of CapStar. 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 2024, 2023, or 2022. Total amortization expense associated with intangible assets was $27.5 million in 2024, $24.2 million in 2023, and $25.9 million in 2022.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2025	$	26,116
2026	22,474
2027	18,947
2028	15,598
2029	12,663
Thereafter	25,049
Total	$	120,847