Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 9 – GOODWILL AND OTHER INTANGIBLE ASSETS

The following table shows the changes in the carrying amount of goodwill:

	Years Ended December 31,
(dollars in thousands)	2019		2018			2017
Balance at beginning of period	$	1,036,258	$	828,051		$	655,018
Acquisitions and adjustments		736		208,787			173,033
Divestitures		—		(580	)		—
Balance at end of period	$	1,036,994	$	1,036,258		$	828,051

Old National performed the required annual goodwill impairment test as of August 31, 2019 and there was no impairment. No events or circumstances since the August 31, 2019 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. See Note 2 to the consolidated financial statements for detail regarding changes in goodwill associated with acquisitions and divestitures.

The gross carrying amounts and accumulated amortization of other intangible assets at December 31, 2019 and 2018 were as follows:

	Gross		Accumulated			Net
	Carrying		Amortization			Carrying
(dollars in thousands)	Amount		and Impairment			Amount
December 31, 2019
Core deposit	$	119,051	$	(63,020	)	$	56,031
Customer trust relationships		16,547		(12,473	)		4,074
Total intangible assets	$	135,598	$	(75,493	)	$	60,105

December 31, 2018
Core deposit	$	129,100	$	(57,524	)	$	71,576
Customer trust relationships		16,547		(11,107	)		5,440
Total intangible assets	$	145,647	$	(68,631	)	$	77,016

Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years.

Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded in 2019, 2018, or 2017. Total amortization expense associated with intangible assets was $16.9 million in 2019, $14.4 million in 2018, and $11.8 million in 2017.

Estimated amortization expense for future years is as follows:

(dollars in thousands)
2020	$	14,091
2021		11,336
2022		9,014
2023		7,053
2024		5,645
Thereafter		12,966
Total	$	60,105