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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net
NOTE 8.  GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The unprecedented decline in economic conditions triggered by the COVID-19 pandemic caused a significant decline in stock market valuations in March 2020, including our stock price. These triggering events indicated that goodwill related to our single reporting unit may be impaired and resulted in us performing a goodwill impairment assessment in the first quarter of 2020. We applied the market approach using an average share price of the Company's stock and a control premium to determine the fair value of the reporting unit. The control premium was based upon management judgment using historical information of control premiums for completed bank acquisitions. As a result, we recorded a goodwill impairment charge of $1.47 billion in the first quarter of 2020 as the estimated fair value of equity was less than book value. This was a non-cash charge to earnings and had no impact on our regulatory capital ratios, cash flows, or liquidity position.
In performing our annual goodwill assessment in the fourth quarter of 2020, we considered relevant events and circumstances that may affect the fair value or carrying amount of our reporting unit. The events and circumstances we considered included macroeconomic conditions, industry conditions, and our financial performance. Based on our qualitative assessment, we concluded that there were no conditions, changes in operations, or results that indicated a triggering event had occurred in the fourth quarter of 2020. Thus, a quantitative assessment was not required and we determined that it was more likely than not that the fair value of the reporting unit was greater than its carrying value and there was no evidence of impairment.
We performed our annual goodwill impairment testing in the fourth quarter of 2021. We evaluated the carrying value of our goodwill and determined that it was not impaired. The following table presents the changes in the carrying amount of goodwill for the years indicated:
 Goodwill
 (In thousands)
Balance, December 31, 2019$2,548,670 
Impairment(1,470,000)
Balance, December 31, 20201,078,670 
Addition from the Civic acquisition125,448 
Addition from the HOA Business acquisition201,618 
Balance, December 31, 2021$1,405,736 
Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired.
The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
 Year Ended December 31,
202120202019
 (In thousands)
Gross Amount of CDI and CRI:   
Balance, beginning of year$109,646 $117,573 $119,497 
Addition from the Civic acquisition750 — — 
Addition from the HOA Business acquisition33,300 — — 
Fully amortized portion(9,846)(7,927)(1,924)
Balance, end of year133,850 109,646 117,573 
Accumulated Amortization:
Balance, beginning of year(86,005)(79,179)(62,377)
Amortization expense(12,734)(14,753)(18,726)
Fully amortized portion9,846 7,927 1,924 
Balance, end of year(88,893)(86,005)(79,179)
Net CDI and CRI, end of year$44,957 $23,641 $38,394 
The following table presents the estimated aggregate future amortization expense for our current intangible assets as of the date indicated:
December 31, 2021
(In thousands)
Year Ending December 31,
2022$13,575 
20239,085 
20246,404 
20254,087 
20263,482 
Thereafter8,324 
Net CDI and CRI$44,957