Goodwill

A summary of changes to the carrying amount of goodwill as of September 30, 2016 and 2015 is as follows:



	September 30,
	2016		2015
	(dollars in thousands)
Balance, beginning of year	$	697,807	$	697,807
Goodwill acquired during the year	41,216		—
Balance, end of year	$	739,023	$	697,807

The goodwill acquired in 2016 was a result of the HF Financial acquisition. See Note 2 for further information.

The Company performs an impairment analysis annually, and more frequently whenever events or changes in circumstances indicate that it is more likely than not fair value is less than carrying value. To test impairment, an analysis is performed by comparing the fair value of the Company to the carrying amount of its net assets. Fair value is based on the best information available, such as present value or multiple of earnings techniques. For the years ended September 30, 2016, 2015 and 2014, the Company did not recognize any impairment related to goodwill.