Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 4 - Goodwill and Other Intangible Assets

Goodwill allocated to each reporting unit at June 30, 2021 and December 31, 2020 is presented as follows:

(in thousands)	June 30, 2021		December 31, 2020
Community Banking Reporting Unit	$	256,323	$	256,323
Wholesale Banking Reporting Unit	171,636		171,636
Consumer Mortgage Reporting Unit	—		—
Wealth Management Reporting Unit	24,431		24,431
Total Goodwill	$	452,390	$	452,390

The following table presents changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Balance at beginning of period	$	452,390	$	497,267	$	452,390	$	497,267
Changes during the period from:
Other	—		—		—		—
Balance at end of period	$	452,390	$	497,267	$	452,390	$	497,267

Goodwill is not amortized but is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Goodwill and Other Intangible Assets" to the consolidated financial statements of Synovus' 2020 Form 10-K for information on Synovus' quantitative assessments of goodwill impairment during 2020.

The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of June 30, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2021 was $2.4 million and $4.8 million, respectively. Aggregate other intangible assets amortization expense for the three and six months ended June 30, 2020 was $2.6 million and $5.3 million, respectively.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 30, 2021
CDI	$	57,400	$	(24,003)	$	33,397
Other	12,500		(5,543)		6,957
Total other intangible assets	$	69,900	$	(29,546)	$	40,354
December 31, 2020
CDI	$	57,400	$	(19,829)	$	37,571
Other	12,500		(4,959)		7,541
Total other intangible assets	$	69,900	$	(24,788)	$	45,112