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Goodwill and Core Deposit Intangibles | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Core Deposit Intangibles | GOODWILL AND OTHER INTANGIBLES Goodwill The following table details changes in the recorded amount of goodwill as of the dates indicated:
| Year Ended December 31,
| 2023 |  | 2022
Net carrying value at beginning of period | $ | 1,100.9 |  |  | $ | 621.6 |
Additions to goodwill from acquisition | — |  |  | 479.3 |
Net carrying value at end of period | $ | 1,100.9 |  |  | $ | 1,100.9 |
The Company performed its annual impairment assessment as of July 1, 2023 and 2022 concluding there was no impairment to goodwill. As a result of the ongoing financial services economic conditions, including changes to the interest rate environment, continued volatility in the Company’s common share price, and volatility in the Company’s overall market capitalization during the third and beginning of the fourth quarter of 2023, we performed a quantitative impairment assessment as of October 31, 2023 and concluded the fair value of our single reporting unit exceeded its respective carrying value and did not result in impairment for the reporting unit. The quantitative assessment of goodwill for the reporting unit was performed utilizing a discounted cash flow analysis (“income approach”) and estimates of selected market information (“market approaches”). The income approach measures the fair value of an interest in a business by discounting expected future cash flows to present value. The market approaches take into consideration fair values of comparable companies operating in similar lines of business that are potentially subject to similar economic and environmental factors and could be considered reasonable investment alternatives. The result of the income and market approaches were weighted in determining the fair value of the reporting unit. There were no events or circumstances that occurred subsequent to October 31, 2023 through the reporting date that would more-likely-than-not reduce the fair value of the Company’s reporting unit below its carrying value. 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 December 31, 2023 and 2022:
December 31, 2023 | CDI | OCRI | Total
Gross other intangible assets, at January 1, 2023 | $ | 154.7 |  | $ | 22.8 |  | $ | 177.5 |
Accumulated amortization | (92.5) |  | (3.6) |  | (96.1) |
Net other intangible assets, end of period | $ | 62.2 |  | $ | 19.2 |  | $ | 81.4 |
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, end of period | $ | 75.9 |  | $ | 21.1 |  | $ | 97.0 |
The Company recorded $15.7 million, $15.9 million and $9.9 million of other intangible asset amortization expense for the years ended December 31, 2023, 2022, and 2021 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:
Years ending December 31, | CDI | OCRI | Total
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 |
2028 | 5.7 |  | 1.9 |  | 7.6 |
Thereafter | 12.9 |  | 9.7 |  | 22.6 |
Total | $ | 62.2 |  | $ | 19.2 |  | $ | 81.4 |

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