Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually unless a triggering event occurs thereby requiring an updated assessment. Our regular annual impairment assessment occurs in the fourth quarter. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds its fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings (loss).

The following table presents the changes in the carrying amount of goodwill for the period indicated:

	Goodwill
	(In thousands)
Balance, December 31, 2020	$	1,078,670
Addition from the Civic acquisition	125,448
Balance, September 30, 2021	$	1,204,118

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:

	September 30, 2021
	(In thousands)
Period ending December 31,
2021	$	2,362
2022	7,672
2023	3,788
2024	1,711
Net CDI and CRI	$	15,533

The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(In thousands)
Gross Amount of CDI and CRI:
Balance, beginning of period	$	100,550	$	109,646	$	109,646	$	117,573
Addition from Civic acquisition	—		—		750		—
Fully amortized portion	—		—		(9,846)		(7,927)
Balance, end of period	100,550		109,646		100,550		109,646
Accumulated Amortization:
Balance, beginning of period	(82,127)		(79,082)		(86,005)		(79,179)
Amortization expense	(2,890)		(3,751)		(8,858)		(11,581)
Fully amortized portion	—		—		9,846		7,927
Balance, end of period	(85,017)		(82,833)		(85,017)		(82,833)
Net CDI and CRI, end of period	$	15,533	$	26,813	$	15,533	$	26,813