GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The change in the carrying value of goodwill for the years ended December 31, 2021 and 2020 is summarized below for both the total Company and by the Company's reporting units.

	December 31,
(dollars in thousands)	2021		2020
Consolidated
Carrying amount of goodwill at beginning of year	$	928,005	$	931,637
Additions related to acquisitions in current year	84,615		—
Fair value adjustments related to acquisitions in prior year	—		(3,632)
Carrying amount of goodwill at end of year	$	1,012,620	$	928,005
Banking
Carrying amount of goodwill at beginning of year	$	863,507	$	867,139
Additions related to acquisitions in current year	84,615		—
Fair value adjustments related to acquisitions in prior year	—		(3,632)
Carrying amount of goodwill at end of year	$	948,122	$	863,507
Premium Finance Division
Carrying amount of goodwill at beginning of year	$	64,498	$	64,498
Carrying amount of goodwill at end of year	$	64,498	$	64,498

During 2021, the Company recorded additions to goodwill of $84.6 million related to the Balboa acquisition. During 2020, the Company recorded a subsequent goodwill fair value adjustment of $(3.6) million related to the Fidelity acquisition.

The Company performs its annual impairment test at December 31 of each year and more frequently if a triggering event occurs. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2021, the Company performed its annual qualitative assessment and determined that it was more likely than not that the reporting units fair values exceeded their carrying values.

The carrying value of intangible assets as of December 31, 2021 and 2020 was $125.9 million and $72.0 million, respectively. Intangible assets are comprised of core deposit intangibles, referral relationships intangibles, trade name intangibles and non-compete agreement intangibles. During 2021, the Company recorded intangible assets of $68.9 million associated with the Balboa acquisition.

The following is a summary of information related to acquired intangible assets:

	As of December 31, 2021				As of December 31, 2020
(dollars in thousands)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit premiums	$	103,574	$	58,456	$	107,958	$	50,829
Referral relationships	88,651		10,943		22,351		8,149
Trade names	2,734		612		1,094		456
Patent	420		—		—		—
Non-compete agreements	732		162		162		157
	$	196,111	$	70,173	$	131,565	$	59,591

The aggregate amortization expense for intangible assets was approximately $15.0 million, $19.6 million and $17.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

2022	$	19,744
2023	18,244
2024	17,189
2025	15,937
2026	12,394
Thereafter	42,430
	$	125,938