Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill

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		Total
	(in thousands)
Balance at December 31, 2020	$	25,754	$	221,311	$	1,135,377	$	1,382,442
Goodwill from business combinations	13,097		1,079		62,390		76,566
Balance at December 31, 2021	$	38,851	$	222,390	$	1,197,767	$	1,459,008
Goodwill from business combinations	10,916		62,483		336,529		409,928
Balance at December 31, 2022	$	49,767	$	284,873	$	1,534,296	$	1,868,936

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

Other Intangible Assets

The following tables summarize other intangible assets as of December 31, 2022 and 2021: 

	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
	(in thousands)
December 31, 2022
Loan servicing rights	$	119,943	$	(96,136)	$	23,807
Core deposits	223,670		(92,486)		131,184
Other	51,299		(8,834)		42,465
Total other intangible assets	$	394,912	$	(197,456)	$	197,456
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

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2022, 2021 and 2020: 

	2022		2021		2020
	(in thousands)
Loan servicing rights:
Balance at beginning of year	$	23,685	$	22,810	$	24,732
Origination of loan servicing rights	5,307		11,486		8,322
Amortization expense	(5,185)		(10,611)		(10,244)
Balance at end of year	$	23,807	$	23,685	$	22,810
Valuation allowance:
Balance at beginning of year	$	—	$	(865)	$	(47)
Impairment adjustment	—		865		(818)
Balance at end of year	$	—	$	—	$	(865)
Balance at end of year, net of valuation allowance	$	23,807	$	23,685	$	21,945

Estimated Future Amortization Expense

he following table presents the estimated amortization expense of other intangible assets over the next five-year period: 

Year	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2023	$	3,182	$	28,746	$	6,522
2024	2,804		24,897		5,951
2025	2,461		21,048		5,380
2026	2,148		17,223		4,805
2027	1,869		13,544		4,205