Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 - Goodwill and Other Intangible Assets

Goodwill allocated to each reporting unit at December 31, 2021 and December 31, 2020 is presented as follows:


(in thousands)	Community Banking Reporting Unit		Wholesale Banking Reporting Unit		Consumer Mortgage Reporting Unit		Wealth Management Reporting Unit		Total
Balance as of December 31, 2019	$	256,323	$	171,636	$	44,877	$	24,431	$	497,267
Goodwill impairment	—		—		(44,877)		—		(44,877)
Balance as of December 31, 2020	$	256,323	$	171,636	$	—	$	24,431	$	452,390
Change in goodwill	—		—		—		—		—
Balance as of December 31, 2021	$	256,323	$	171,636	$	—	$	24,431	$	452,390

Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). During the fourth quarter of 2021, Synovus completed its annual goodwill impairment evaluation applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. During 2020, Synovus recorded a $44.9 million goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that reduced mortgage yields, and the clarity around the FOMC's longer term policy actions designed to keep interest rates low.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the years ended December 31, 2021, 2020, and 2019 was $9.5 million, $10.6 million, and $11.6 million, respectively, and is included in amortization of intangibles expense within non-interest expense.


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
December 31, 2021
CDI	$	57,400	$	(28,178)	$	29,222
Other	12,500		(6,126)		6,374
Total other intangible assets	$	69,900	$	(34,304)	$	35,596
December 31, 2020
CDI	57,400		(19,829)		$	37,571
Other	12,500		(4,959)		7,541
Total other intangible assets	$	69,900	$	(24,788)	$	45,112

The estimated amortization expense of other intangible assets for the next five years is as follows:


(in thousands)	Amortization Expense
2022	$	8,472
2023	7,429
2024	6,366
2025	5,266
2026	4,195