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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS

Wesbanco’s Consolidated Balance Sheets include goodwill of $1.1 billion as of December 31, 2022 and 2021, respectively, all of which relates to the Community Banking segment. Wesbanco’s other intangible assets of $44.6 million and $54.9 million at December 31, 2022 and 2021, respectively, primarily consist of core deposit and other customer list intangibles, which have finite lives and are amortized using straight line and accelerated methods. Other intangible assets are being amortized over estimated useful lives ranging from ten to sixteen years. Amortization of core deposit and customer list intangible assets totaled $10.3 million, $11.5 million and $13.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Wesbanco completed its annual goodwill impairment evaluation as of November 30, 2022 and determined that goodwill was not impaired as of such date as well as at December 31, 2022, as there were no significant changes in market conditions, consolidated operating results, or forecasted future results from November 30, 2022. Additionally, there were no events or changes in circumstances indicating impairment of other intangible assets as of December 31, 2022.

The following table shows Wesbanco’s capitalized other intangible assets and related accumulated amortization:

 

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Other intangible assets:

 

 

 

 

 

 

Gross carrying amount

 

$

110,358

 

 

$

115,032

 

Accumulated amortization

 

 

(65,764

)

 

 

(60,159

)

Net carrying amount of other intangible assets

 

$

44,594

 

 

$

54,873

 

 

The following table shows the amortization on Wesbanco’s other intangible assets for each of the next five years (in thousands):

 

Year

 

Amount

 

2023

 

$

9,088

 

2024

 

 

8,251

 

2025

 

 

7,475

 

2026

 

 

6,737

 

2027

 

 

6,214

 

2028 and thereafter

 

 

6,829

 

Total

 

$

44,594