Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis at both June 30, 2023 and December 31, 2022 were as follows:

Business Segment / Reporting Unit *
Wealth Management		Consumer Banking		Commercial Banking		Total
(in thousands)
$	49,767	$	284,873	$	1,534,296	$	1,868,936

*    Valley’s Wealth Management and Insurance Division is comprised of trust, asset management, brokerage, 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 table summarizes other intangible assets as of June 30, 2023 and December 31, 2022: 

	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
	(in thousands)
June 30, 2023
Loan servicing rights	$	120,764	$	(98,453)	$	22,311
Core deposits	215,620		(99,129)		116,491
Other	50,393		(11,249)		39,144
Total other intangible assets	$	386,777	$	(208,831)	$	177,946
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

Estimated Future Amortization Expense

The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2023 through 2027: 

Year	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2023	$	1,579	$	14,054	$	3,201
2024	2,863		24,897		5,951
2025	2,506		21,048		5,380
2026	2,181		17,223		4,805
2027	1,890		13,544		4,205