Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

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)		2025		2024
Balance at beginning of period		$	2,175,251	$	1,998,716
Acquisitions and adjustments		—		—
Balance at end of period		$	2,175,251	$	1,998,716

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
March 31, 2025
Core deposit	$	189,636	$	(101,756)	$	87,880
Customer trust relationships	50,892		(24,755)		26,137
Total other intangible assets	$	240,528	$	(126,511)	$	114,017

December 31, 2024
Core deposit	$	189,636	$	(95,950)	$	93,686
Customer trust relationships	50,892		(23,731)		27,161
Total other intangible assets	$	240,528	$	(119,681)	$	120,847

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, 2025 or 2024. Total amortization expense associated with intangible assets was $6.8 million for the three months ended March 31, 2025, compared to $5.5 million for the three months ended March 31, 2024.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2025 remaining	$	19,286
2026	22,474
2027	18,947
2028	15,598
2029	12,663
Thereafter	25,049
Total	$	114,017