Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill is tested annually, or more often than annually, if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Goodwill totaled $926.5 million at June 30, 2019 and $845.7 million at December 31, 2018.

The Company recorded $80.8 million of goodwill during the second quarter 2019 as a result of its acquisition of Reliance. Goodwill impairment was neither indicated nor recorded during the six months ended June 30, 2019 or the year ended December 31, 2018.

Core deposit premiums are amortized over periods ranging from 10 years to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Core deposit premiums of $18.4 million were recorded during the second quarter 2019 as part of the Reliance acquisition. Additionally, intangible assets are being amortized over various periods ranging from 10 years to 15 years.

The Company’s goodwill and other intangibles (carrying basis and accumulated amortization) at June 30, 2019 and December 31, 2018, were as follows:



(In thousands)	June 30, 2019			December 31, 2018
Goodwill	$	926,450		$	845,687
Core deposit premiums:
Gross carrying amount	124,334			105,984
Accumulated amortization	(31,236		)	(26,177		)
Core deposit premiums, net	93,098			79,807
Books of business intangible:
Gross carrying amount	15,234			15,234
Accumulated amortization	(4,236		)	(3,707		)
Books of business intangible, net	10,998			11,527
Other intangible assets, net	104,096			91,334
Total goodwill and other intangible assets	$	1,030,546		$	937,021

The Company’s estimated remaining amortization expense on intangibles as of June 30, 2019 is as follows:



(In thousands)	Year	Amortization Expense
	Remainder of 2019	$	5,894
	2020	11,776
	2021	11,714
	2022	11,662
	2023	11,379
	Thereafter	51,671
	Total	$	104,096