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, 2023 and 2022.

The Company completed its annual impairment test of goodwill as of September 30, 2023 and concluded that its goodwill was not impaired. The Company first performed a qualitative (“Step Zero”) assessment that 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 it is more likely than not that the fair value of goodwill is greater than the carrying amount. However, in accordance with the Company’s policy to ensure goodwill is periodically reviewed, a quantitative assessment was performed using multiple approaches. These methods included an income approach using the discounted net present value of estimated future cash flows and three market approaches using transaction or price-to-forward earnings multiples, price to tangible book value methodologies using the actual price paid in recent acquisition transactions for similar entities and a market capitalization approach using the Company’s stock price observed during the fourth quarter. The results from each of the approaches were weighted equally, with the valuation of the reporting unit approximately 36% in excess of net book value at September 30, 2023. Individually no valuation method resulted in estimated fair value less than the Company’s carrying value.

Valuation techniques employed by the Company require significant assumptions. Depending upon the specific approach, assumptions are made regarding the economic environment, expected net interest margins, growth rates, discount rate used to present value future cash flows, control premiums, and price-to-forward earnings and price to-tangible-book-value multiples. Changes to any one of these assumptions could result in significantly different results. Changes in the amount and/or timing of the Company’s expected future cash flows or estimated growth rates, a decline in the price of the Company’s common stock relative to our book value per share, and/or deterioration in the economic environment beyond current estimates could result in an impairment charge to goodwill in future reporting periods.

No goodwill impairment charges were recognized during the years ended December 31, 2023, 2022 or 2021.

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, 2023 and 2022 were as follows:


	December 31, 2023
	Purchase		Accumulated		Carrying
($ in thousands)	Value		Amortization		Value
Core deposit intangibles	$	235,845	$	209,658	$	26,187
Credit card and trust relationships		49,962		31,512		18,450
Total	$	285,807	$	241,170	$	44,637


	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
Total	$	285,807	$	229,614	$	56,193

Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Years Ended December 31,
($ in thousands)	2023		2022		2021
Core deposit intangibles	$	9,613	$	11,909	$	14,304
Credit card and trust relationships		1,943		2,124		2,361
Total	$	11,556	$	14,033	$	16,665

At December 31, 2023, 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, 2023 for the five succeeding years and all years thereafter, calculated based on current amortization schedules.


($ in thousands)
2024	$	9,413
2025		7,985
2026		5,322
2027		3,682
2028		3,306
Thereafter		14,929
Total	$	44,637