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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill is tested annually, or more often than annually, if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Goodwill totaled $1.32 billion and $1.15 billion at December 31, 2022 and 2021, respectively. Goodwill increased $173.6 million during the year ended December 31, 2022 primarily due to the Spirit acquisition, along with adjustments related to the continued assessment of the fair value and assumed tax position of the Landmark and Triumph acquisitions.

Goodwill impairment was neither indicated nor recorded in 2022, 2021 or 2020. During the second quarter of 2022, the Company performed an annual goodwill impairment analysis and concluded no impairment existed. Also during 2022, the Company’s share price began to decline as markets in the United States responded to record inflation and other economic pressures. As a result of the effect on share price, the Company performed interim goodwill impairment assessments during the second, third and fourth quarters and concluded no impairment existed during the periods. While the goodwill impairment analysis indicated no impairment at December 31, 2022, the Company’s assessment depends on several assumptions which are dependent on market and economic conditions, and future changes in those conditions could impact the Company’s assessment in the future.
 
Core deposit premiums represent the value of the relationships that acquired banks had with their deposit customers and are amortized over periods ranging from 10 years to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Other intangible assets represent the value of other acquired relationships, including relationships with trust and wealth management customers, and are being amortized over various periods ranging from 8 years to 15 years.
Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at December 31, 2022 and 2021 were as follows:

(In thousands)20222021
Core deposit premiums:
Balance, beginning of year$93,862 $97,363 
Acquisitions(1)
36,500 9,295 
Disposition of intangible asset(2)
— (674)
Amortization(14,346)(12,122)
Balance, end of year116,016 93,862 
Books of business and other intangibles:
Balance, beginning of year12,373 13,747 
Acquisitions(3)
2,131 — 
Amortization(1,569)(1,374)
Balance, end of year12,935 12,373 
Total other intangible assets, net$128,951 $106,235 
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(1)    A core deposit premium of $36.5 million was recorded during 2022 as part of the Spirit acquisition. Core deposit premiums of $5.1 million and $4.2 million were recorded during 2021 as part of the Triumph and Landmark acquisitions, respectively. See Note 2, Acquisitions, for additional information on acquisitions.
(2)    Adjustments recorded for the premiums on certain deposit liabilities associated with the sale of banking operations.
(3)    The Company recorded $2.1 million during 2022 related to servicing assets acquired as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions.

The carrying basis and accumulated amortization of the Company’s other intangible assets at December 31, 2022 and 2021 were as follows:

(In thousands)20222021
Core deposit premiums:
Gross carrying amount$189,996 $153,496 
Accumulated amortization(73,980)(59,634)
Core deposit premiums, net116,016 93,862 
Books of business and other intangibles:
Gross carrying amount22,068 19,937 
Accumulated amortization(9,133)(7,564)
Books of business and other intangibles, net12,935 12,373 
Total other intangible assets, net$128,951 $106,235 
 
Core deposit premium amortization expense recorded for the years ended December 31, 2022, 2021 and 2020 was $14.3 million, $12.1 million and $12.1 million, respectively. Amortization expense recorded for books of business and other intangibles was $1.6 million, $1.4 million, and $1.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.
 
The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2022 is as follows: 

Year(In thousands)
2023$16,306 
202415,403 
202512,819 
202612,346 
202712,218 
Thereafter59,859 
Total$128,951