Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following table presents information about the Company's intangible assets which have estimable useful lives.


	March 31, 2022								December 31, 2021
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Valuation Allowance		Net Amount		Gross Carrying Amount		Accumulated Amortization		Valuation Allowance		Net Amount
Amortizable intangible assets:
Core deposit premium	$	31,270	$	(30,345)	$	—	$	925	$	31,270	$	(30,266)	$	—	$	1,004
Mortgage servicing rights	21,490		(10,130)		—		11,360		20,870		(9,600)		(304)		10,966
Total	$	52,760	$	(40,475)	$	—	$	12,285	$	52,140	$	(39,866)	$	(304)	$	11,970

Aggregate amortization expense on intangible assets was $609 thousand and $951 thousand for the three month periods ended March 31, 2022 and 2021. The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of March 31, 2022. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.


(In thousands)
2022	$	1,785
2023	1,402
2024	1,240
2025	1,088
2026	945

Changes in the carrying amount of goodwill and net other intangible assets for the three month period ended March 31, 2022 are as follows:


(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2022	$	138,921	$	3,600	$	1,004	$	10,966

Originations, net of disposals	—		—		—		620
Amortization	—		—		(79)		(530)
Impairment recovery	—		—		—		304
Balance March 31, 2022	$	138,921	$	3,600	$	925	$	11,360

Goodwill allocated to the Company’s operating segments at March 31, 2022 and December 31, 2021 is shown below.


(In thousands)
Consumer segment	$	70,721
Commercial segment	67,454
Wealth segment	746
Total goodwill	$	138,921