Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following tables set forth the carrying amount of goodwill and other intangible assets, net of accumulated amortization, by reporting unit at the dates indicated below:


	As of March 31, 2022
	Banking Business		Insurance Agency Business		Net Carrying Amount
	(In thousands)
Balances not subject to amortization
Goodwill	$	557,635	$	77,144	$	634,779
Balances subject to amortization
Insurance agency (1)	—		8,708		8,708
Core deposit intangible	11,272		—		11,272
Total other intangible assets	11,272		8,708		19,980
Total goodwill and other intangible assets	$	568,907	$	85,852	$	654,759

(1)Insurance agency intangible assets include customer list, non-compete agreement and supplier relationship intangible assets.


	As of December 31, 2021
	Banking Business		Insurance Agency Business		Net Carrying Amount
	(In thousands)
Balances not subject to amortization
Goodwill	$	557,635	$	73,861	$	631,496
Balances subject to amortization
Insurance agency (1)	—		6,635		6,635
Core deposit intangible	11,572		—		11,572
Total other intangible assets	11,572		6,635		18,207
Total goodwill and other intangible assets	$	569,207	$	80,496	$	649,703

(1)Insurance agency intangible assets include customer list, non-compete agreement and supplier relationship intangible assets.

The Company acquired one insurance agency during the three months ended March 31, 2022. The purchase price and goodwill recorded as a result of the acquisition were not material.

The Company quantitatively assesses goodwill for impairment at the reporting unit level on an annual basis or sooner if an event occurs or circumstances change which might indicate that the fair value of a reporting unit is below its carrying amount. The Company has identified and assigned goodwill to two reporting units - the banking business and insurance agency business. The quantitative assessments for both the banking business and insurance agency business were most recently performed as of September 30, 2021. The assessment for the banking business included a market capitalization analysis, as well as a comparison of the banking business’ book value to the implied fair value using a pricing multiple of the Company’s tangible book value. The assessment for insurance agency business included a price-to-earnings analysis, as well as an earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiplier valuation based upon recent and observed agency mergers and acquisitions. The Company considered the economic conditions for the period, including the potential impact of the COVID-19 pandemic, as it pertains to the goodwill above and determined that there was no indication of impairment related to goodwill as of March 31, 2022 or December 31, 2021.

Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company also considered the impact of the COVID-19 pandemic as it pertains to these intangible assets and determined that there was no indication of impairment related to other intangible assets as of March 31, 2022 or December 31, 2021.