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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is tested annually, or more often than annually, if circumstances warrant, for impairment. 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 financial statements. Goodwill totaled $1.32 billion at September 30, 2024 and December 31, 2023. Goodwill impairment was neither indicated nor recorded during the nine months ended September 30, 2024 or the year ended December 31, 2023. Core deposit premiums represent the value of the relationships that acquired banks had with their deposit customers and are amortized over periods ranging from 10 years to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Other intangible assets represent the value of other acquired relationships, including relationships with trust and wealth management customers, and are being amortized over various periods ranging from 8 years to 15 years. Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at September 30, 2024 and December 31, 2023 were as follows:
| September 30, |  | December 31,
(In thousands) | 2024 |  | 2023
Core deposit premiums: |  |  |
Balance, beginning of year | $ | 101,344 |  |  | $ | 116,016 |
Amortization | (10,327) |  |  | (14,672) |
Balance, end of period | 91,017 |  |  | 101,344 |
Books of business and other intangibles: |  |  |
Balance, beginning of year | 11,301 |  |  | 12,935 |
Amortization | (1,225) |  |  | (1,634) |
Balance, end of period | 10,076 |  |  | 11,301 |
Total other intangible assets, net | $ | 101,093 |  |  | $ | 112,645 |
The carrying basis and accumulated amortization of the Company’s other intangible assets at September 30, 2024 and December 31, 2023 were as follows:
| September 30, |  | December 31,
(In thousands) | 2024 |  | 2023
Core deposit premiums: |  |  |
Gross carrying amount | $ | 177,624 |  |  | $ | 187,467 |
Accumulated amortization | (86,607) |  |  | (86,123) |
Core deposit premiums, net | 91,017 |  |  | 101,344 |
Books of business and other intangibles: |  |  |
Gross carrying amount | 22,068 |  |  | 22,068 |
Accumulated amortization | (11,992) |  |  | (10,767) |
Books of business and other intangibles, net | 10,076 |  |  | 11,301 |
Total other intangible assets, net | $ | 101,093 |  |  | $ | 112,645 |
The Company’s estimated remaining amortization expense on other intangible assets as of September 30, 2024 is as follows:
(In thousands) | Year |  | Amortization Expense
| Remainder of 2024 |  | $ | 3,851 |
| 2025 |  | 12,819 |
| 2026 |  | 12,346 |
| 2027 |  | 12,218 |
| 2028 |  | 11,312 |
| Thereafter |  | 48,547 |
| Total |  | $ | 101,093 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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