Goodwill and Other Intangible Assets |
Note 6 – Goodwill and Other Intangible Assets The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: | | | March 31, 2020 | | Weighted | | December 31, 2019 | | Weighted | | | | Gross | | | | | Net | | Average | | Gross | | | | | Net | | Average | | | | Carrying | | Accumulated | | Carrying | | Remaining | | Carrying | | Accumulated | | Carrying | | Remaining | (Dollars in thousands) | | Amount | | Amortization | | Amount | | Life | | Amount | | Amortization | | Amount | | Life | Amortizing intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | Core deposit intangibles | | $ | 10,678 | | $ | (4,077) | | $ | 6,601 | | 7.8 | years | | $ | 10,678 | | $ | (3,689) | | $ | 6,989 | | 8.0 | years | Other identifiable intangibles | | | 13,906 | | | (726) | | | 13,180 | | 11.4 | years | | | 1,478 | | | (626) | | | 852 | | 9.7 | years | | Total amortizing intangible assets | | $ | 24,584 | | $ | (4,803) | | $ | 19,781 | | | | | $ | 12,156 | | $ | (4,315) | | $ | 7,841 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Goodwill | | $ | 369,708 | | | | | $ | 369,708 | | | | | $ | 347,149 | | | | | $ | 347,149 | | | | The amount of goodwill by reportable segment is presented in the following table: | | | | Community | | | | | | Investment | | | | | (In thousands) | | | Banking | | | Insurance | | | Management | | | Total | | Balance December 31, 2019 | | $ | 331,173 | | $ | 6,788 | | $ | 9,188 | | $ | 347,149 | | Acquisition of Rembert Pendleton Jackson | | | - | | | - | | | 22,559 | | | 22,559 | | Balance March 31, 2020 | | $ | 331,173 | | $ | 6,788 | | $ | 31,747 | | $ | 369,708 | The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31:(In thousands) | | Amount | 2020 | | $ | 2,893 | 2021 | | | 3,305 | 2022 | | | 2,939 | 2023 | | | 2,573 | Thereafter | | | 8,071 | | Total amortizing intangible assets | | $ | 19,781 |
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