Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill

The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were:

	Business Segment / Reporting Unit*
	Wealth Management		Consumer Lending		Commercial Lending		Investment Management		Total
	(in thousands)
Balance at December 31, 2016	$	21,218	$	200,103	$	316,258	$	153,058	$	690,637
Balance at December 31, 2017	$	21,218	$	200,103	$	316,258	$	153,058	$	690,637
Goodwill from business combinations	—		86,922		241,592		65,514		394,028
Balance at December 31, 2018	$	21,218	$	287,025	$	557,850	$	218,572	$	1,084,665

* Valley’s Wealth Management Division is comprised of trust, asset management and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.

Other Intangible Assets

The following tables summarize other intangible assets as of December 31, 2018 and 2017:

	Gross Intangible Assets		Accumulated Amortization			Valuation Allowance			Net Intangible Assets
	(in thousands)
December 31, 2018
Loan servicing rights	$	87,354	$	(63,161	)	$	(83	)	$	24,110
Core deposits	80,470		(29,136		)	—			51,334
Other	3,945		(2,399		)	—			1,546
Total other intangible assets	$	171,769	$	(94,696	)	$	(83	)	$	76,990
December 31, 2017
Loan servicing rights	$	79,138	$	(57,054	)	$	(471	)	$	21,613
Core deposits	43,396		(24,297		)	—			19,099
Other	4,087		(2,292		)	—			1,795
Total other intangible assets	$	126,621	$	(83,643	)	$	(471	)	$	42,507

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2018, 2017 and 2016:

	2018			2017			2016
	(in thousands)
Loan servicing rights:
Balance at beginning of year	$	22,084		$	20,368		$	16,681
Origination of loan servicing rights	8,216			7,039			8,479
Amortization expense	(6,107		)	(5,323		)	(4,792		)
Balance at end of year	$	24,193		$	22,084		$	20,368
Valuation allowance:
Balance at beginning of year	$	(471	)	$	(900	)	$	(289	)
Impairment adjustment	388			429			(611		)
Balance at end of year	$	(83	)	$	(471	)	$	(900	)
Balance at end of year, net of valuation allowance	$	24,110		$	21,613		$	19,468

Estimated Future Amortization Expense

The following table presents the estimated amortization expense of other intangible assets over the next five-year period:

Year	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2019	$	5,574	$	10,961	$	235
2020	4,590		9,607		220
2021	3,614		8,252		206
2022	2,872		6,898		191
2023	2,286		5,544		131