Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually at the reporting unit level unless a triggering event occurs thereby requiring an updated assessment. Our regular annual impairment assessment occurs in the fourth quarter. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds the fair value of the reporting unit. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings.

Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired.

The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:


	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Gross Amount of CDI and CRI:
Balance, beginning of period	$	236,264	$	91,550
Fully amortized portion	—		(750)
Balance, end of period	236,264		90,800
Accumulated Amortization:
Balance, beginning of period	(70,787)		(60,169)
Amortization expense	(8,251)		(2,411)
Fully amortized portion	—		750
Balance, end of period	(79,038)		(61,830)
Net CDI and CRI, end of period	$	157,226	$	28,970

The following table presents the estimated aggregate future amortization expense for our current CDI and CRI as of the date indicated:


	March 31, 2024
	(In thousands)
Period ending December 31,
2024	$	24,282
2025	27,657
2026	24,412
2027	21,166
2028	17,920
Thereafter	41,789
Net CDI and CRI	$	157,226