Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Other Intangible Assets [Abstract]

8. Goodwill and Other Intangible Assets

A summary of goodwill is as follows:

(In thousands)
January 1, 2023	$	281,204
Goodwill acquired		80,647
December 31, 2023	$	361,851

January 1, 2022	$	280,541
Goodwill acquired		663
December 31, 2022	$	281,204

The Company has intangible assets with definite useful lives capitalized on its consolidated balance sheet in the form of core deposit and other identified intangible assets. These intangible assets are amortized over their estimated useful lives, which range primarily from one to twenty years.

There was no impairment of goodwill recorded during the years ended December 31, 2023, 2022 and 2021.

A summary of core deposit and other intangible assets follows:

	December 31,
(In thousands)	2023		2022
Core deposit intangibles:
Gross carrying amount	$	31,188	$	6,161
Less: accumulated amortization		2,363		6,133
Net carrying amount	$	28,825	$	28

Identified intangible assets:
Gross carrying amount	$	31,826	$	25,179
Less: accumulated amortization		20,208		17,866
Net carrying amount	$	11,618	$	7,313

Total intangibles:
Gross carrying amount	$	63,014	$	31,340
Less: accumulated amortization		22,571		23,999
Net carrying amount	$	40,443	$	7,341

Amortization expense on intangible assets with definite useful lives totaled $4.7 million for 2023, $2.3 million for 2022 and $2.8 million for 2021. Amortization expense on intangible assets with definite useful lives is expected to total $8.1 million for 2024, $7.1 million for 2025, $6.2 million for 2026, $5.2 million for 2027, $4.2 million for 2028 and $9.7 million thereafter. Other identified intangible assets include customer lists and non-compete agreements.

During the years ended December 31, 2023, 2022 and 2021, there was no impairment of intangible assets.