Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule 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, 2019	$	21,218	$	306,572	$	825,767	$	220,068	$	1,373,625
Goodwill from business combinations	—		121		1,654		9		1,784
Balance at June 30, 2020	$	21,218	$	306,693	$	827,421	$	220,077	$	1,375,409

*

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 table summarizes other intangible assets as of June 30, 2020 and December 31, 2019: 

	Gross Intangible Assets		Accumulated Amortization			Valuation Allowance			Net Intangible Assets
	(in thousands)
June 30, 2020
Loan servicing rights	$	98,127	$	(74,624	)	$	(825	)	$	22,678
Core deposits	101,160		(47,118		)	—			54,042
Other	3,945		(2,744		)	—			1,201
Total other intangible assets	$	203,232	$	(124,486	)	$	(825	)	$	77,921
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

Estimated Future Amortization Expense

The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2020 through 2024: 

	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2020	$	5,161	$	6,629	$	110
2021	4,179		11,607		206
2022	3,226		9,876		191
2023	2,483		8,146		131
2024	1,931		6,537		117