XML 52 R38.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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, 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
Goodwill from business combinations	—		597		8,175		45		8,817
Balance at December 31, 2020	$	21,218	$	307,169	$	833,942	$	220,113	$	1,382,442

* 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, 2020 and 2019:


	Gross Intangible Assets		Accumulated Amortization		Valuation Allowance		Net Intangible Assets
	(in thousands)
December 31, 2020
Loan servicing rights	$	103,150	$	(80,340)	$	(865)	$	21,945
Core deposits	101,160		(53,747)		—		47,413
Other	3,945		(2,854)		—		1,091
Total other intangible assets	$	208,255	$	(136,941)	$	(865)	$	70,449
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

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2020, 2019 and 2018:


	2020		2019		2018
	(in thousands)
Loan servicing rights:
Balance at beginning of year	$	24,732	$	24,193	$	22,084
Origination of loan servicing rights	8,322		7,473		8,216
Amortization expense	(10,244)		(6,934)		(6,107)
Balance at end of year	$	22,810	$	24,732	$	24,193
Valuation allowance:
Balance at beginning of year	$	(47)	$	(83)	$	(471)
Impairment adjustment	(818)		36		388
Balance at end of year	$	(865)	$	(47)	$	(83)
Balance at end of year, net of valuation allowance	$	21,945	$	24,685	$	24,110

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)
2021	$	5,391	$	11,607	$	206
2022	3,969		9,876		191
2023	2,933		8,146		131
2024	2,210		6,537		117
2025	1,688		4,929		103