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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net
NOTE 7.  GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The unprecedented decline in economic conditions triggered by the COVID-19 pandemic caused a significant decline in stock market valuations in March 2020, including our stock price. These triggering events indicated that goodwill related to our single reporting unit may be impaired and resulted in us performing a goodwill impairment assessment in the first quarter of 2020. We applied the market approach using an average share price of the Company's stock and a control premium to determine the fair value of the reporting unit. The control premium was based upon management judgment using historical information of control premiums for completed bank acquisitions. As a result, we recorded a goodwill impairment charge of $1.47 billion in the first quarter of 2020 as the estimated fair value of equity was less than book value. This was a non-cash charge to earnings and had no impact on our regulatory capital ratios, cash flows, or liquidity position.
In performing our annual goodwill assessment in the fourth quarter of 2020, we considered relevant events and circumstances that may affect the fair value or carrying amount of our reporting unit. The events and circumstances we considered included macroeconomic conditions, industry conditions, and our financial performance. Based on our qualitative assessment, we concluded that there were no conditions, changes in operations, or results that indicated a triggering event had occurred in the fourth quarter of 2020. Thus, a quantitative assessment was not required and we determined that it was more likely than not that the fair value of the reporting unit was greater than its carrying value and there was no evidence of impairment.
The following table presents the changes in the carrying amount of goodwill for the year indicated:
 Goodwill
 (In thousands)
Balance, December 31, 2019$2,548,670 
Impairment(1,470,000)
Balance, December 31, 2020$1,078,670 
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 estimated aggregate future amortization expense for our current intangible assets as of the date indicated:
December 31, 2020
(In thousands)
Year Ending December 31,
2021$10,766 
20227,399 
20233,765 
20241,711 
Net CDI and CRI$23,641 
The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
 Year Ended December 31,
202020192018
 (In thousands)
Gross Amount of CDI and CRI:   
Balance, beginning of year$117,573 $119,497 $119,497 
Fully amortized portion(7,927)(1,924)— 
Balance, end of year109,646 117,573 119,497 
Accumulated Amortization:
Balance, beginning of year(79,179)(62,377)(39,871)
Amortization(14,753)(18,726)(22,506)
Fully amortized portion7,927 1,924 — 
Balance, end of year(86,005)(79,179)(62,377)
Net CDI and CRI, end of year$23,641 $38,394 $57,120