Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Total goodwill was $465.7 million as of both December 31, 2021 and 2020. The Company’s annual goodwill impairment testing is performed as of December 31 of each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill and Other Intangible Assets. The Company completed its annual goodwill impairment testing and additionally reviewed the macroeconomic conditions, including the impacts of the ongoing COVID-19 pandemic on its business performance and market capitalization, and concluded that goodwill was not impaired as of December 31, 2021.

Core Deposit Intangibles

The following table presents the gross carrying amount and accumulated amortization of core deposits intangible assets as of December 31, 2021 and 2020:



($ in thousands)	December 31,
	2021		2020
Gross balance (1)	$	86,099	$	86,099
Accumulated amortization (1)	(82,471)		(79,722)
Net carrying balance (1)	$	3,628	$	6,377

(1) Excludes fully amortized core deposit intangible assets.

There were no impairment write-downs on core deposit intangibles for the years ended December 31, 2021, 2020 and 2019.

Amortization Expense

The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $2.7 million, $3.6 million and $4.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following table presents the estimated future amortization expense of core deposit intangibles as of December 31, 2021:



($ in thousands)	Amount
2022	$	1,865
2023	1,199
2024	553
2025	11


Total	$	3,628