Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangible Assets

The following table shows the activity in goodwill and other intangible assets for the years ended December 31, 2022, 2021 and 2020.

 

(In thousands)	Goodwill		Other Intangible Assets		Total
January 1, 2020	$	159,595	$	11,523	$	171,118
Amortization	—		2,263		2,263
December 31, 2020	$	159,595	$	9,260	$	168,855
Amortization	—		1,798		1,798
December 31, 2021	$	159,595	$	7,462	$	167,057
Amortization	—		1,487		1,487
December 31, 2022	$	159,595	$	5,975	$	165,570

Goodwill

Goodwill impairment exists when a reporting unit's carrying value exceeds its fair value. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. At April 1, 2022, the Company's reporting unit, PNB, had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

Acquired Intangible Assets

The following table shows the balance of acquired intangible assets as of December 31, 2022 and 2021.

	2022				2021
(In thousands)	Gross Carrying Amount		Accumulated Amortization/Impairment		Gross Carrying Amount		Accumulated Amortization
Other intangible assets:
Core deposit intangibles	$	14,456	$	8,481	$	14,456	$	6,994
Trade name intangible	1,300		1,300		1,300		1,300
Total	$	15,756	$	9,781	$	15,756	$	8,294

Core deposit intangibles are being amortized, on an accelerated basis, over a period of ten years. Amortization expense for the core deposit intangibles was $1.5 million, $1.8 million and $2.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The following is a schedule of estimated core deposit intangibles amortization expense for each of the next five years:

(In thousands)	Total
2023	$	1,323
2024	1,215
2025	1,042
2026	887
2027	754