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Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

Goodwill totaled $1.1 billion at March 31, 2019 and December 31, 2018. There were no changes to the carrying amounts of goodwill allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis (as reported in Valley's Annual Report on Form 10-K for the year ended December 31, 2018). There was no impairment of goodwill during the three months ended March 31, 2019 and 2018.

The following table summarizes other intangible assets as of March 31, 2019 and December 31, 2018: 
 
Gross
Intangible
Assets
 
Accumulated
Amortization
 
Valuation
Allowance
 
Net
Intangible
Assets
 
(in thousands)
March 31, 2019
 
 
 
 
 
 
 
Loan servicing rights
$
88,557

 
$
(64,939
)
 
$
(107
)
 
$
23,511

Core deposits
80,470

 
(31,888
)
 
—

 
48,582

Other
3,945

 
(2,458
)
 
—

 
1,487

Total other intangible assets
$
172,972

 
$
(99,285
)
 
$
(107
)
 
$
73,580

December 31, 2018
 
 
 
 
 
 
 
Loan servicing rights
$
87,354

 
$
(63,161
)
 
$
(83
)
 
$
24,110

Core deposits
80,470

 
(29,136
)
 
—

 
51,334

Other
3,945

 
(2,399
)
 
—

 
1,546

Total other intangible assets
$
171,769

 
$
(94,696
)
 
$
(83
)
 
$
76,990



Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets in proportion to, and over the period of, estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. See the "Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis" section of Note 5 for additional information regarding the fair valuation and impairment of loan servicing rights.

Core deposits are amortized using an accelerated method and have a weighted average amortization period of 8.2 years. The line item labeled “Other” included in the table above primarily consists of customer lists and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 7.6 years. Valley evaluates core deposits and other
intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three months ended March 31, 2019 and 2018.

The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2019 through 2023: 
 
Loan Servicing
Rights
 
Core
Deposits
 
Other
 
(in thousands)
2019
$
4,305

 
$
8,209

 
$
176

2020
4,749

 
9,607

 
220

2021
3,750

 
8,252

 
206

2022
2,980

 
6,898

 
191

2023
2,372

 
5,544

 
131



Valley recognized amortization expense on other intangible assets, including net impairment (or recovery of impairment) charges on loan servicing rights, totaling approximately $4.3 million for the three months ended March 31, 2019 and 2018.