GOODWILL AND OTHER INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

At June 30, 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 June 30,				Six Months Ended June 30,
($ in thousands)	2022		2021		2022		2021
Goodwill, beginning of period	$	95,127	$	37,144	$	94,301	$	37,144

Goodwill adjustments for purchase accounting	—		—		826		—


Goodwill, end of period	$	95,127	$	37,144	$	95,127	$	37,144
Accumulated impairment losses at end of period	$	2,100	$	2,100	$	2,100	$	2,100

During the six months ended June 30, 2022, goodwill was adjusted for fair value and deferred tax adjustments related to the PMB acquisition.

Core deposit intangibles are amortized over their useful lives of ten years and reviewed for impairment at least quarterly. As of June 30, 2022, the weighted average remaining amortization period for core deposit intangibles was approximately 7.6 years.

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


	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2022		2021		2022		2021
Core deposit intangibles:
Balance, beginning of period	$	34,978	$	30,904	$	35,958	$	30,904

Core deposit intangible adjustments for purchase accounting	—		—		(980)		—
Balance, end of period	34,978		30,904		34,978		30,904
Accumulated amortization:
Balance, beginning of period	29,988		28,553		29,547		28,271
Amortization of intangible assets	313		282		754		564
Balance, end of period	30,301		28,835		30,301		28,835
Intangible assets, net	$	4,677	$	2,069	$	4,677	$	2,069

The following table presents estimated future amortization expense of intangible assets, net as of June 30, 2022:


($ in thousands)	Remainder of 2022		2023		2024		2025		2026		2027 and After		Total
Estimated future amortization expense	$	745	$	1,092	$	719	$	420	$	373	$	1,328	$	4,677