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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 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. In the second quarter of 2024, the Company recorded adjustments related to the Merger resulting in an increase to goodwill of $17.3 million, within the one-year measurement period subsequent to the acquisition date of November 30, 2023. These adjustments largely relate to the estimated fair value of acquired loans. The following table presents the changes in the carrying amount of goodwill for the years indicated:
| Goodwill
| (In thousands)
Balance, December 31, 2023 | $ | 198,627 |
Purchase accounting adjustments | 17,298 |
Balance, June 30, 2024 | $ | 215,925 |
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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Gross Amount of CDI and CRI: |  |  |  |  |  |  |
Balance, beginning of period | $ | 236,264 |  |  | $ | 90,800 |  |  | $ | 236,264 |  |  | $ | 91,550 |
Fully amortized portion | — |  |  | — |  |  | — |  |  | (750) |
Balance, end of period | 236,264 |  |  | 90,800 |  |  | 236,264 |  |  | 90,800 |
Accumulated Amortization: |  |  |  |  |  |  |
Balance, beginning of period | (79,038) |  |  | (61,830) |  |  | (70,787) |  |  | (60,169) |
Amortization expense | (8,332) |  |  | (2,389) |  |  | (16,583) |  |  | (4,800) |
Fully amortized portion | — |  |  | — |  |  | — |  |  | 750 |
Balance, end of period | (87,370) |  |  | (64,219) |  |  | (87,370) |  |  | (64,219) |
Net CDI and CRI, end of period | $ | 148,894 |  |  | $ | 26,581 |  |  | $ | 148,894 |  |  | $ | 26,581 |
The following table presents the estimated aggregate future amortization expense for our current CDI and CRI as of the date indicated:
| June 30, 2024
| (In thousands)
Period ending December 31, |
2024 | $ | 15,950 |
2025 | 27,657 |
2026 | 24,412 |
2027 | 21,166 |
2028 | 17,920 |
Thereafter | 41,789 |
Net CDI and CRI | $ | 148,894 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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