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GOODWILL AND OTHER INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

At March 31, 2022 and December 31, 2021, we had goodwill of $95.1 million and $94.3 million. We evaluate goodwill for impairment as of October 1st each year, and more frequently if events or circumstances indicate that there may be impairment. We completed our most recent annual goodwill impairment test as of October 1, 2021 and determined that no goodwill impairment existed.

The following table presents changes in the carrying amount of goodwill for the periods indicated:

						Three Months Ended March 31,
($ in thousands)						2022						2021
Goodwill, beginning of period						$	94,301					$	37,144
Goodwill adjustments for purchase accounting						826						—
Goodwill, end of period						$	95,127					$	37,144
Accumulated impairment losses at end of period						$	2,100					$	2,100

During the three months ended March 31, 2022, goodwill was adjusted for final fair value and deferred tax adjustments related to the PMB acquisition.

Core deposit intangibles are amortized over their useful lives of ten years. As of March 31, 2022, the weighted average remaining amortization period for core deposit intangibles was approximately 7.7 years.

The following table presents changes in the carrying amount of intangible assets, net for the periods indicated:

						Three Months Ended March 31,
($ in thousands)						2022						2021
Core deposit intangibles:
Balance, beginning of period						$	35,958					$	30,904
Core deposit intangible adjustments for purchase accounting						(980)						—
Balance, end of period						34,978						30,904
Accumulated amortization:
Balance, beginning of period						29,547						28,271
Amortization of intangible assets						441						282
Balance, end of period						29,988						28,553
Intangible assets, net						$	4,990					$	2,351

The following table presents estimated future amortization expense of intangible assets, net as of March 31, 2022:

($ in thousands)						Remainder of 2022						2023						2024						2025						2026						2027 and After						Total
Estimated future amortization expense						$	1,058					$	1,092					$	719					$	420					$	373					$	1,328					$	4,990

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- References

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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 http://asc.fasb.org/topic&trid=2144416

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