Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	Business Segment / Reporting Unit *
	Wealth Management		Consumer Lending		Commercial Lending		Total
	(in thousands)
Balance at December 31, 2021	$	38,851	$	222,390	$	1,197,767	$	1,459,008
Goodwill from business combinations	10,984		62,875		338,638		412,497
Balance at September 30, 2022	$	49,835	$	285,265	$	1,536,405	$	1,871,505

*    Valley’s Wealth Management Division is comprised of trust, asset management, brokerage, 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 September 30, 2022 and December 31, 2021: 

	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
	(in thousands)
September 30, 2022
Loan servicing rights	$	119,813	$	(94,956)	$	24,857
Core deposits	223,670		(84,511)		139,159
Other	51,299		(7,089)		44,210
Total other intangible assets	$	394,782	$	(186,556)	$	208,226
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	$	865	$	7,975	$	1,745
2023	3,195		28,746		6,522
2024	2,817		24,897		5,951
2025	2,471		21,048		5,380
2026	2,156		17,223		4,805