XML 30 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible AssetsThe Company had goodwill of $901.3 million at September 30, 2022 and December 31, 2021, respectively. The Company recorded adjustments to goodwill associated with the acquisition of Opus in the amount of $2.7 million during the nine months ended September 30, 2021, within the one-year measurement period subsequent to the acquisition date of June 1, 2020. These adjustments largely relate to the finalization of the short-year Opus tax returns. During the second quarter of 2021, the Company finalized its fair value analysis of the acquired assets and assumed liabilities associated with the Opus acquisition.
The following table summarizes the change in the balance of goodwill for the periods indicated below:

September 30,September 30,
 (Dollars in thousands)20222021
Beginning balance$901,312 $898,569 
Purchase accounting adjustments— 2,743 
Ending balance$901,312 $901,312 
Accumulated impairment losses at end of period$— $— 

The Company’s policy is to assess goodwill for impairment on an annual basis during the fourth quarter of each year, and more frequently if events or circumstances lead management to believe the value of goodwill may be impaired.

Other intangible assets with definite lives were $59.0 million at September 30, 2022, consisting of $56.6 million in core deposit intangibles and $2.4 million in customer relationship intangibles. At December 31, 2021, other intangibles assets were $69.6 million, consisting of $66.9 million in core deposit intangibles and $2.7 million in customer relationship intangibles. The following table summarizes the change in the balance of core deposit intangibles and customer relationship intangibles, and the related accumulated amortization for the periods indicated below:
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,September 30,
(Dollars in thousands)20222022202120222021
Gross amount of intangible assets:
Beginning balance$145,212 $145,212 $145,212 $145,212 $145,212 
Additions due to acquisitions— — — — — 
Ending balance145,212 145,212 145,212 145,212 145,212 
Accumulated amortization:
Beginning balance(82,712)(79,234)(67,849)(75,641)(59,705)
Amortization(3,472)(3,478)(3,912)(10,543)(12,056)
Ending balance(86,184)(82,712)(71,761)(86,184)(71,761)
Net intangible assets$59,028 $62,500 $73,451 $59,028 $73,451 

The Company amortizes core deposit intangibles and customer relationship intangibles based on the projected useful lives of the related deposits in the case of core deposit intangibles, and over the projected useful lives of the related client relationships in the case of customer relationship intangibles. The amortization periods typically range from six to eleven years. The estimated aggregate amortization expense related to our core deposit intangible and customer relationship intangible assets for each of the next five years succeeding December 31, 2021, in order from the present, is $14.0 million, $12.3 million, $11.1 million, $10.0 million, and $8.9 million. The Company’s core deposit and customer relationship intangibles are evaluated annually for impairment or more frequently if events and circumstances lead management to believe their value may not be recoverable. Factors that may ultimately attribute to impairment include customer attrition and run-off. The Company is unaware of any events and/or circumstances that would indicate a possible impairment in the values of core deposit intangible assets and customer relationship intangible assets as of September 30, 2022.