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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 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
Goodwill from business combinations	13,097		1,079		62,073		317		76,566
Balance at December 31, 2021	$	34,315	$	308,248	$	896,015	$	220,430	$	1,459,008

* Valley’s Wealth Management Division is comprised of trust, asset management, insurance and tax credit advisory 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, 2021 and 2020:


	Gross Intangible Assets		Accumulated Amortization		Valuation Allowance		Net Intangible Assets
	(in thousands)
December 31, 2021
Loan servicing rights	$	114,636	$	(90,951)	$	—	$	23,685
Core deposits	109,290		(65,488)		—		43,802
Other	6,092		(3,193)		—		2,899
Total other intangible assets	$	230,018	$	(159,632)	$	—	$	70,386
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

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in thousands)
Loan servicing rights:
Balance at beginning of year	$	22,810	$	24,732	$	24,193
Origination of loan servicing rights	11,486		8,322		7,473
Amortization expense	(10,611)		(10,244)		(6,934)
Balance at end of year	$	23,685	$	22,810	$	24,732
Valuation allowance:
Balance at beginning of year	$	(865)	$	(47)	$	(83)
Impairment adjustment	865		(818)		36
Balance at end of year	$	—	$	(865)	$	(47)
Balance at end of year, net of valuation allowance	$	23,685	$	21,945	$	24,685

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)
2022	$	4,234	$	11,401	$	705
2023	3,433		9,510		572
2024	2,817		7,740		484
2025	2,321		5,970		396
2026	1,917		4,225		304