Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents changes in the carrying amount of goodwill:


	For the Year Ended December 31,
(In thousands)	2021		2020		2019
Beginning of year	$	221,176	$	205,286	$	204,753
Changes from business combinations	30,978		15,890		533
Total	$	252,154	$	221,176	$	205,286

The Company performs an analysis for goodwill impairment on an annual basis in the fourth quarter. Based on the analysis performed, the Company has concluded goodwill was not impaired during the periods presented.

Acquired intangible assets consist of core deposit intangibles (“CDI”), which are intangible assets arising from the purchase of deposits separately or from bank acquisitions. The change in balance for CDI is as follows:


	For the Year Ended December 31,
(In thousands)	2021		2020		2019
Beginning of year	$	14,577	$	18,305	$	24,807
Acquired CDI, including measurement period adjustments	3,454		2,129		(676)
Amortization expense	(5,033)		(5,857)		(5,826)
End of year	$	12,998	$	14,577	$	18,305

(In months)
Remaining average amortization period for CDI	39		44		47

The gross carrying amount and accumulated amortization of the Company's CDI subject to amortization as of:


	December 31, 2021				December 31, 2020
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Core deposit intangible	$	41,596	$	(28,598)	$	38,144	$	(23,567)

The annual amortization expense for the Company's CDI determined using the straight line method for each of the five years subsequent to December 31, 2021 is $4.8 million, $4.1 million, $1.5 million, $1.1 million and $0.9 million, respectively.

The carrying value of servicing rights retained from the sale of the guaranteed portion of Small Business Administration (“SBA”) loans totaled $1.8 million and $2.2 million at December 31, 2021 and December 31, 2020, respectively.