Goodwill and Other Intangibles (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Other Intangible Assets

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

	As of June 30, 2023
	Banking Business		Insurance Agency Business		Net Carrying Amount
	(In thousands)
Balances not subject to amortization
Goodwill	$	557,635	$	82,587	$	640,222
Balances subject to amortization
Insurance agency (1)	—		9,193		9,193
Core deposit intangible (2)	9,578		—		9,578
Total other intangible assets	9,578		9,193		18,771
Total goodwill and other intangible assets	$	567,213	$	91,780	$	658,993

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

(2)Management performs an assessment of the remaining useful lives of the Company’s intangible assets on a quarterly basis to determine if such lives remain appropriate. As a result of the assessment performed during the second quarter of 2023, management reduced the remaining useful life of its core deposit intangible to five years which resulted in an increase in quarterly amortization expense. The effect of the increase on annual amortization expense was not material.

	As of December 31, 2022
	Banking Business		Insurance Agency Business		Net Carrying Amount
	(In thousands)
Balances not subject to amortization
Goodwill	$	557,635	$	82,587	$	640,222
Balances subject to amortization
Insurance agency (1)	—		10,530		10,530
Core deposit intangible	10,374		—		10,374
Total other intangible assets	10,374		10,530		20,904
Total goodwill and other intangible assets	$	568,009	$	93,117	$	661,126

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