Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

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, 2022 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,
	2022		2021		2022		2021
	(in thousands)
Goodwill
Total goodwill	$	823,172	$	765,842	$	823,172	$	765,842
Other intangible assets, net
CDI:
Gross CDI balance at beginning of period (1)	88,931		105,473		88,931		105,473
Accumulated amortization at beginning of period	(59,710)		(83,434)		(55,203)		(79,658)
CDI, net at beginning of period	29,221		22,039		33,728		25,815
CDI current period amortization	(2,219)		(1,835)		(6,726)		(5,611)
Total CDI, net at end of period	27,002		20,204		27,002		20,204
Intangible assets not subject to amortization	919		919		919		919
Other intangible assets, net at end of period	27,921		21,123		27,921		21,123
Total goodwill and other intangible assets at end of period	$	851,093	$	786,965	$	851,093	$	786,965

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(1) For the three and nine months ended September 30, 2022, the gross CDI balance, beginning of period excludes fully amortized amounts. Prior period columns have not been adjusted.

The following table provides the estimated future amortization expense of our CDI for the remaining three months ending December 31, 2022 and the succeeding four years:

	Total
	(in thousands)
Remainder of 2022	$	1,972
2023	7,082
2024	5,673
2025	4,366
2026	3,225