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Goodwill and Core Deposits and Other Intangibles
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Core Deposits and Other Intangibles
6. Goodwill and Core Deposits and Other Intangibles
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at June 30, 2024 and December 31, 2023, were as follows:
June 30, 2024December 31, 2023
(In thousands)
Goodwill
Balance, beginning of period$1,398,253 $1,398,253 
Balance, end of period$1,398,253 $1,398,253 
June 30, 2024December 31, 2023
(In thousands)
Core Deposit Intangibles
Balance, beginning of period$48,770 $58,455 
Amortization expense(4,280)(4,955)
Balance, June 30$44,490 53,500 
Amortization expense(4,730)
Balance, end of year$48,770 
The carrying basis and accumulated amortization of core deposit intangibles at June 30, 2024 and December 31, 2023 were:
June 30, 2024December 31, 2023
(In thousands)
Gross carrying basis$128,888 $128,888 
Accumulated amortization(84,398)(80,118)
Net carrying amount$44,490 $48,770 
Core deposit intangible amortization expense was approximately $2.1 million and $2.5 million for the three months ended June 30, 2024 and 2023, respectively. Core deposit intangible amortization expense was approximately $4.3 million and $5.0 million for the six months ended June 30, 2024 and 2023, respectively. The Company’s estimated amortization expense of core deposits intangibles for each of the years 2024 through 2028 is approximately: 2024 – $8.4 million; 2025 – $8.0 million; 2026 – $7.8 million; 2027– $6.6 million; 2028 – $4.2 million.
The carrying amount of the Company’s goodwill was $1.40 billion at both June 30, 2024 and December 31, 2023. Goodwill is tested annually for impairment during the fourth quarter or more often if events and circumstances indicate there may be an impairment. During the 2023 review, no impairment was found. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements.