Goodwill And Other Intangible Assets

9 Months Ended

Sep. 30, 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.


	September 30, 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	$	(30,499)	$	—	$	771	$	31,270	$	(30,266)	$	—	$	1,004
Mortgage servicing rights	22,161		(10,933)		—		11,228		20,870		(9,600)		(304)		10,966
Total	$	53,431	$	(41,432)	$	—	$	11,999	$	52,140	$	(39,866)	$	(304)	$	11,970

Aggregate amortization expense on intangible assets was $456 thousand and $682 thousand for the three month periods ended September 30, 2022 and 2021, respectively, and $1.6 million and $2.4 million for the nine month periods ended September 30, 2022 and 2021, respectively. 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 September 30, 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	$	1,945
2023	1,389
2024	1,242
2025	1,098
2026	960

Changes in the carrying amount of goodwill and other intangible assets for the nine month period ended September 30, 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	—		—		—		1,291
Amortization	—		—		(233)		(1,333)
Impairment recovery	—		—		—		304
Balance September 30, 2022	$	138,921	$	3,600	$	771	$	11,228

Goodwill allocated to the Company’s operating segments at September 30, 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