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GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS As of March 31, 2022 and December 31, 2021, OFG had $86.1 million of goodwill allocated as follows: $84.1 million to the banking segment and $2.0 million to the wealth management segment (refer to Note 23 – Business Segments for the definition of OFG’s reportable business segments). There were no changes in the carrying amount of goodwill for the quarters ended March 31, 2022 and 2021. Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events. OFG performed its annual impairment review of goodwill during the fourth quarter of 2021 using October 31, 2021 as the annual evaluation date and concluded that there was no impairment at December 31, 2021. There were no additional events that caused OFG to perform interim testing during the quarter ended March 31, 2022. The following table reflects the components of other intangible assets subject to amortization at March 31, 2022 and 2021:
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
|  | (In thousands)
March 31, 2022 |  |  |  |  |  |
Core deposit intangibles |  | $ | 51,402 |  |  | $ | 25,410 |  |  | $ | 25,992 |
Customer relationship intangibles |  | 17,753 |  |  | 9,869 |  |  | 7,884 |
Other intangibles |  | 567 |  |  | 496 |  |  | 71 |
Total other intangible assets |  | $ | 69,722 |  |  | $ | 35,775 |  |  | $ | 33,947 |
December 31, 2021 |  |  |  |  |  |
Core deposit intangibles |  | $ | 51,402 |  |  | $ | 23,772 |  |  | $ | 27,630 |
Customer relationship intangibles |  | 17,753 |  |  | 9,385 |  |  | 8,368 |
Other intangibles |  | 567 |  |  | 472 |  |  | 95 |
Total other intangible assets |  | $ | 69,722 |  |  | $ | 33,629 |  |  | $ | 36,093 |
In connection with previous acquisitions, OFG recorded a core deposit intangible representing the value of checking and savings deposits acquired. In addition, OFG recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisitions of a securities broker-dealer and insurance agencies. Other intangible assets have a definite useful life. Amortization of other intangible assets for the quarters ended March 31, 2022 and 2021 was $2.1 million and $2.5 million, respectively. The following table presents the estimated amortization of other intangible assets for each of the following periods.
Year Ending December 31, |  | (In thousands)
2022 |  | $ | 8,501 |
2023 |  | 6,898 |
2024 |  | 5,913 |
2025 |  | 4,927 |
2026 |  | 3,942 |
Thereafter |  | 5,912 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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