Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Other Intangible Assets

Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired or the excess of the fair value of the net liabilities assumed over the consideration received in a business combination. The carrying amount of goodwill was $855.5 million at both December 31, 2022 and 2021.

The Company completed its annual impairment test of goodwill as of September 30, 2022 by performing a qualitative (“Step Zero”) assessment. The qualitative assessment involved the examination of changes in macroeconomic conditions, industry and market conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in management and other key personnel and changes in the share price of the Company’s common stock. As a result of the assessment, the Company concluded that its goodwill was not impaired.

No goodwill impairment charges were recognized during the years ended December 31, 2022, 2021 or 2020.

Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying values of intangible assets subject to amortization at December 31, 2022 and 2021 were as follows:


	December 31, 2022
	Purchase		Accumulated		Carrying
($ in thousands)	Value		Amortization		Value
Core deposit intangibles	$	235,845	$	200,045	$	35,800
Credit card and trust relationships		49,962		29,569		20,393
	$	285,807	$	229,614	$	56,193


	December 31, 2021
	Purchase		Accumulated		Carrying
($ in thousands)	Value		Amortization		Value
Core deposit intangibles	$	235,845	$	188,135	$	47,710
Credit card and trust relationships		49,962		27,446		22,516
	$	285,807	$	215,581	$	70,226

Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2022, 2021, and 2020 are as follows:


	Years Ended December 31,
($ in thousands)	2022		2021		2020
Core deposit intangibles	$	11,909	$	14,304	$	16,864
Credit card and trust relationships		2,124		2,361		2,637
Merchant processing relationships		—		—		415
	$	14,033	$	16,665	$	19,916

At December 31, 2022, the weighted-average remaining life of core deposit intangibles was approximately 8 years, and the weighted-average remaining life of other identifiable intangibles was approximately 12 years.

The following table shows estimated amortization expense of other intangible assets at December 31, 2022 for the five succeeding years and all years thereafter, calculated based on current amortization schedules.


($ in thousands)
2023	$	11,557
2024		9,413
2025		7,985
2026		5,322
2027		3,682
Thereafter		18,234
	$	56,193