Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

In accordance with the Intangibles – Goodwill and Other topic of the FASB ASC, goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis on July 31 and between annual tests in certain circumstances such as material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an annual impairment assessment as of July 31, 2021 and concluded that there was no impairment.

Our CDIs are evaluated for impairment if events and circumstances indicate a possible impairment. Each CDI is amortized on an accelerated basis over an estimated life of 10 years.

The following table sets forth activity for goodwill and other intangible assets for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Goodwill
Total goodwill	$	765,842	$	765,842	$	765,842	$	765,842
Other intangible assets, net
CDI:
Gross CDI balance at beginning of period	105,473		105,473		105,473		105,473
Accumulated amortization at beginning of period	(83,434)		(75,454)		(79,658)		(70,934)
CDI, net at beginning of period	22,039		30,019		25,815		34,539
CDI current period amortization	(1,835)		(2,193)		(5,611)		(6,713)
Total CDI, net at end of period	20,204		27,826		20,204		27,826
Intangible assets not subject to amortization	919		919		919		919
Other intangible assets, net at end of period	21,123		28,745		21,123		28,745
Total goodwill and other intangible assets at end of period	$	786,965	$	794,587	$	786,965	$	794,587

The following table provides the estimated future amortization expense of our CDI for the remaining three months ending December 31, 2021 and the succeeding four years:

	Year ending December 31,
	(in thousands)
2021	$	1,653
2022	5,880
2023	4,552
2024	3,432
2025	2,415