GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets are presented in the tables below. The Company completed three acquisitions during 2016 which resulted in the capitalization of goodwill and other intangibles. In accordance with applicable accounting guidance, the Company allocated the amount paid to the fair value of the net assets acquired, with any excess amounts recorded as goodwill. There were two acquisitions during 2015. The goodwill balance is allocated to the consolidated Company. The activity impacting goodwill in 2016 and 2015 is as follows:



(In thousands)	2016			2015
Balance, beginning of the period	$	323,943		$	264,742
Goodwill acquired and adjusted:
44 Business Capital	15,892			—
Ronald N. Lazzaro, PC	5,492			—
First Choice Bank	58,036			—
Hampden Bancorp Acquisition	—			42,513
Firestone Financial	—			17,503
Adjustments (1)	(257		)	(814		)
Balance, end of the period	$	403,106		$	323,943

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(1)	In 2016, goodwill related to the Hampden and Firestone acquisitions was adjusted since acquisition dates to reflect new information available during the one-year measurement period. In 2015, goodwill was adjusted to reflect the subsequent sale of the Company's Tennessee operations, which were originally obtained from the acquisition of Beacon Federal in 2012.

The Company tests goodwill impairment annually as of September 30, 2016 using third quarter data. The results of the qualitative assessment indicated it is more likely than not that the reporting unit's fair value exceeds its carrying amount, and accordingly, the two-step impairment test was not performed. If events or changes in circumstances indicate that impairment is possible, the Company will perform additional reviews. No impairment was recorded on goodwill for 2016 and 2015.

The components of other intangible assets are as follows:



(In thousands)	Gross Intangible Assets		Accumulated Amortization			Net Intangible Assets
December 31, 2016
Non-maturity deposits (core deposit intangible)	$	44,523	$	(30,099	)	$	14,424
Insurance contracts	7,558		(7,504		)	54
All other intangible assets	7,866		(2,899		)	4,967
Total	$	59,947	$	(40,502	)	$	19,445
December 31, 2015
Non-maturity deposits (core deposit intangible)	$	36,833	$	(28,099	)	$	8,734
Insurance contracts	7,558		(6,863		)	695
All other intangible assets	3,894		(2,659		)	1,235
Total	$	48,285	$	(37,621	)	$	10,664

Other intangible assets are amortized on a straight-line or accelerated basis over their estimated lives, which range from four to fifteen years. Amortization expense related to intangibles totaled $2.9 million in 2016, $3.6 million in 2015, and $4.8 million in 2014.

The estimated aggregate future amortization expense for intangible assets remaining at year-end 2016 is as follows: 2017- $3.9 million; 2018- $3.6 million; 2019- $3.3 million; 2020- $3.0 million; 2021- $1.2 million; and thereafter- $4.5 million. For the years 2016, 2015, and 2014, no impairment charges were identified for the Company’s intangible assets.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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