Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The Company had goodwill of $900.2 million and $898.6 million at March 31, 2021 and December 31, 2020, respectively. The Company recorded adjustments to goodwill associated with the acquisition of Opus in the amount of $1.6 million during the three months ended March 31, 2021, within the one-year measurement period subsequent to the acquisition date of June 1, 2020.


	March 31,		March 31,
	2021		2020
	(Dollars in thousands)
Balance, beginning of year	$	898,569	$	808,322

Purchase accounting adjustments	1,635		—

Balance, end of year	$	900,204	$	808,322
Accumulated impairment losses at end of year	$	—	$	—

The amount of goodwill is subject to change, as the Company’s fair value estimates associated with the Opus acquisition are considered estimates and are subject to refinement for a period of one year after the closing date of the acquisition as additional information related to those fair value estimates becomes available and such information is considered final.

The Company’s policy is to assess goodwill for impairment on an annual basis during the fourth quarter of each year, and more frequently if events or circumstances lead management to believe the value of goodwill may be impaired.

The Company had other intangible assets of $81.4 million at March 31, 2021, consisting of $78.4 million in core deposit intangibles and $2.9 million in customer relationship intangibles. The Company had other intangibles assets of $85.5 million at December 31, 2020, consisting of $82.5 million in core deposit intangibles and $3.0 million in customer relationship intangibles. The following table summarizes the change in the balance of core deposit intangibles and customer relationship intangibles, and the related accumulated amortization for the periods indicated below:


	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
	(Dollars in thousands)
Gross amount of intangible assets:
Beginning balance	$	145,212	$	145,212	$	125,945
Additions due to acquisitions	—		—		—
Ending balance	145,212		145,212		125,945
Accumulated amortization:
Beginning balance	(59,705)		(55,200)		(42,633)
Amortization	(4,143)		(4,505)		(3,963)
Ending balance	(63,848)		(59,705)		(46,596)
Net intangible assets	$	81,364	$	85,507	$	79,349

The Company amortizes core deposit intangibles and customer relationship intangibles based on the projected useful lives of the related deposits in the case of core deposit intangibles, and over the projected useful lives of the related client relationships in the case of customer relationship intangibles. The amortization periods typically range from six to eleven years. The estimated aggregate amortization expense related to our core deposit intangible and customer relationship intangible assets for each of the next five years succeeding December 31, 2020, in order from the present, is $15.9 million, $14.0 million, $12.3 million, $11.1 million, and $10.0 million. The Company analyzes core deposit intangibles and customer relationship intangibles annually for impairment, or sooner if events and circumstances indicate possible impairment. Factors that may contribute to impairment include customer attrition and run-off. Management is unaware of any events and/or circumstances that would indicate a possible impairment to the core deposit intangibles or customer relationship intangibles as of March 31, 2021.