GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company’s goodwill is associated with its three operating segments, Banking, FirsTech, and Wealth Management. Goodwill is tested annually for impairment, and as part of this analysis, the reporting unit's carrying value is compared to its estimated fair value. Based on the impairment testing performed at December 31, 2022, there were no indicators of potential impairment based on the estimated fair value of those operating segments.

The Company did not record any new goodwill during the year ended December 31, 2022. During 2021, in connection with the acquisition of CAC, the Company recorded goodwill totaling $6.3 million and other intangible assets totaling $8.8 million in the Banking operating segment, as well as other intangible assets totaling $8.5 million in the Wealth Management segment.

The carrying amount of goodwill by operating segment is as follows (dollars in thousands):


	As of December 31,
	2022		2021
Goodwill
Banking	$	294,773	$	294,773
FirsTech	8,992		8,992
Wealth Management	14,108		14,108
Total goodwill	$	317,873	$	317,873

Indefinite-lived intangible assets, such as goodwill, are not amortized. Goodwill is the Company's only indefinite-lived intangible asset.

Intangible Assets

Core deposit and customer relationship intangible assets are amortized over the estimated period during which the Company expects to benefit from the assets. Intangible asset disclosures are as follows (dollars in thousands):


	As of December 31,
	2022						2021
	Core deposit intangible		Customer relationship intangible		Total		Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	99,065	$	33,138	$	132,203	$	99,065	$	33,138	$	132,203
Accumulated amortization	63,476		22,304		85,780		55,161		18,991		74,152
Intangible assets, net	$	35,589	$	10,834	$	46,423	$	43,904	$	14,147	$	58,051

Amortization expense related to intangible assets, as reflected in the Company's Consolidated Statements of Income, is presented in the table below (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Amortization Expense
Core deposit intangible	$	8,315	$	8,253	$	7,753
Customer relationship intangible	3,313		3,021		2,255
Amortization of intangible assets	$	11,628	$	11,274	$	10,008

Future expense for the amortization of intangible assets, as estimated, is summarized in the table below (dollars in thousands):


	As of December 31, 2022
	Core deposit intangible		Customer relationship intangible		Total
Estimated amortization expense
2023	$	7,616	$	2,816	$	10,432
2024	6,902		2,318		9,220
2025	5,956		1,887		7,843
2026	5,227		1,479		6,706
2027	4,490		1,091		5,581
Thereafter	5,398		1,243		6,641
Total estimated amortization expense	$	35,589	$	10,834	$	46,423