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Goodwill and Core Deposit Intangibles | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill The Company had goodwill of $1,100.9 million at March 31, 2023 and December 31, 2022 and performed its annual impairment assessment as of July 1, 2022 and concluded that there was no impairment to goodwill. In addition, there were no events or circumstances that occurred during the second half of 2022 that would more-likely-than-not reduce the fair value of the Company’s reporting unit below its carrying value. As a result of recent financial services economic conditions and its impact on our business, including volatility in the stock market and changes to the interest rate environment, we assessed whether a triggering event had occurred as of March 31, 2023 and concluded a triggering event had not occurred as there is no substantial change to the Company’s long-term performance expectations. We will continue to monitor the financial services economic conditions and perform an interim impairment analysis if necessary. Other Intangible Assets Other intangible assets are comprised of core deposit intangibles (“CDI”) and other customer relationship intangibles (“OCRI”) and amounted to the following at March 31, 2023 and December 31, 2022:
March 31, 2023 | CDI | OCRI | Total
Gross other intangible assets, at January 1, 2023 | $ | 154.7 |  | $ | 22.8 |  | $ | 177.5 |
Accumulated amortization | (82.3) |  | (2.2) |  | (84.5) |
Net other intangible assets, at March 31, 2023 | $ | 72.4 |  | $ | 20.6 |  | $ | 93.0 |
December 31, 2022 |  |  |
Gross other intangible assets, at January 1, 2022 | $ | 106.0 |  | $ | — |  | $ | 106.0 |
Amounts established through acquisition | 50.1 |  | 22.8 |  | 72.9 |
Reductions due to sale of health savings accounts | (1.4) |  | — |  | (1.4) |
Accumulated amortization | (78.8) |  | (1.7) |  | (80.5) |
Net other intangible assets, at December 31, 2022 | $ | 75.9 |  | $ | 21.1 |  | $ | 97.0 |
The Company recorded $4.0 million and $3.6 million of other intangible asset amortization expense for the three months ended March 31, 2023 and 2022, respectively. CDI and OCRI are evaluated for impairment if events and circumstances indicate a possible impairment. CDI is amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits, which is generally 10 years. OCRI is amortized using a straight-line method over its estimated useful life of 12 years based on customer revenue attrition on an annualized basis. The following table provides the estimated aggregate future amortization expense of other intangible assets at March 31, 2023:
Years Ending December 31, | CDI | OCRI | Total
2023 remaining | $ | 10.2 |  | $ | 1.4 |  | $ | 11.6 |
2024 | 12.7 |  | 1.9 |  | 14.6 |
2025 | 11.8 |  | 1.9 |  | 13.7 |
2026 | 10.9 |  | 1.9 |  | 12.8 |
2027 | 8.2 |  | 1.9 |  | 10.1 |
Thereafter | 18.6 |  | 11.6 |  | 30.2 |
Total | $ | 72.4 |  | $ | 20.6 |  | $ | 93.0 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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