Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

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, 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
Goodwill from business combinations	—		19,547		267,917		1,496		288,960
Balance at December 31, 2019	$	21,218	$	306,572	$	825,767	$	220,068	$	1,373,625

*

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, 2019 and 2018: 

	Gross Intangible Assets		Accumulated Amortization			Valuation Allowance			Net Intangible Assets
	(in thousands)
December 31, 2019
Loan servicing rights	$	94,827	$	(70,095	)	$	(47	)	$	24,685
Core deposits	101,160		(40,384		)	—			60,776
Other	3,945		(2,634		)	—			1,311
Total other intangible assets	$	199,932	$	(113,113	)	$	(47	)	$	86,772
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

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2019, 2018 and 2017: 

	2019			2018			2017
	(in thousands)
Loan servicing rights:
Balance at beginning of year	$	24,193		$	22,084		$	20,368
Origination of loan servicing rights	7,473			8,216			7,039
Amortization expense	(6,934		)	(6,107		)	(5,323		)
Balance at end of year	$	24,732		$	24,193		$	22,084
Valuation allowance:
Balance at beginning of year	$	(83	)	$	(471	)	$	(900	)
Impairment adjustment	36			388			429
Balance at end of year	$	(47	)	$	(83	)	$	(471	)
Balance at end of year, net of valuation allowance	$	24,685		$	24,110		$	21,613

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)
2020	$	4,263	$	13,363	$	220
2021	3,532		11,607		206
2022	2,929		9,876		191
2023	2,429		8,146		131
2024	2,016		6,537		117