Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were:


	Business Segment / Reporting Unit *
	Wealth Management		Consumer Lending		Commercial Lending		Investment Management		Total
	(in thousands)
Balance at December 31, 2021	$	34,315	$	308,248	$	896,015	$	220,430	$	1,459,008
Goodwill from business combinations	4,370		85		4,866		25		9,346
Balance at March 31, 2022	$	38,685	$	308,333	$	900,881	$	220,455	$	1,468,354

* Valley’s Wealth Management Division is comprised of trust, asset management, insurance and tax credit advisory services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.

Other Intangible Assets

The following table summarizes other intangible assets as of March 31, 2022 and December 31, 2021:


	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
	(in thousands)
March 31, 2022
Loan servicing rights	$	117,363	$	(92,133)	$	25,230
Core deposits	109,290		(68,373)		40,917
Other	12,299		(3,562)		8,737
Total other intangible assets	$	238,952	$	(164,068)	$	74,884
December 31, 2021
Loan servicing rights	$	114,636	$	(90,951)	$	23,685
Core deposits	109,290		(65,488)		43,802
Other	6,092		(3,193)		2,899
Total other intangible assets	$	230,018	$	(159,632)	$	70,386

Estimated Future Amortization Expense

The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2022 through 2026:


	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2022	$	2,660	$	8,516	$	1,372
2023	3,146		9,510		1,600
2024	2,733		7,740		1,401
2025	2,368		5,970		1,202
2026	2,039		4,225		998