Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table shows the changes in the carrying amount of goodwill:


	Three Months Ended March 31,
(dollars in thousands)	2020		2019
Balance at beginning of period	$	1,036,994	$	1,036,258
Acquisitions and adjustments	—		—
Balance at end of period	$	1,036,994	$	1,036,258

Old National performed the required annual goodwill impairment test as of August 31, 2019 and there was no impairment. No events or circumstances since the August 31, 2019 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. Refer to Note 20, Commitments and Contingencies, for additional information on COVID-19 and its potential impact to Old National.

The gross carrying amount and accumulated amortization of other intangible assets were as follows:


(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization and Impairment		Net Carrying Amount
March 31, 2020
Core deposit	$	119,051	$	(66,488)	$	52,563
Customer trust relationships	16,547		(12,781)		3,766
Total intangible assets	$	135,598	$	(79,269)	$	56,329

December 31, 2019
Core deposit	$	119,051	$	(63,020)	$	56,031
Customer trust relationships	16,547		(12,473)		4,074
Total intangible assets	$	135,598	$	(75,493)	$	60,105

Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years.

Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2020 or 2019. Total amortization expense associated with intangible assets was $3.8 million for the three months ended March 31, 2020, compared to $4.5 million for the three months ended March 31, 2019.

Estimated amortization expense for future years is as follows:


(dollars in thousands)
2020 remaining	$	10,315
2021	11,336
2022	9,014
2023	7,053
2024	5,645
Thereafter	12,966
Total	$	56,329