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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
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 at December 31, 2023 and 2022. Goodwill increased $1.2 million during the year ended December 31, 2023 primarily due to the continued assessment of the fair value and assumed tax position of the Spirit acquisition.

Goodwill impairment was neither indicated nor recorded in 2023, 2022 or 2021. During March of 2023, the Company’s share price began to decline as markets in the United States (“US”) responded to the sudden collapse of two US banks. As a result of the decrease in the Company’s market capitalization, the Company performed an interim goodwill impairment qualitative assessment during the first quarter of 2023 and concluded that it was more likely-than-not that the fair value of goodwill continued to exceed its carrying value and therefore, goodwill was not impaired. During the second quarter of 2023, the Company performed an annual goodwill impairment analysis and concluded that it is more likely-than-not that the fair value of goodwill continues to exceed its carrying value and therefore, goodwill was not impaired. Additionally, the Company performed interim goodwill impairment assessments during the third and fourth quarters of 2023 and concluded no impairment existed during the periods.

During 2022, the Company performed an annual goodwill impairment analysis and concluded no impairment existed. Additionally during 2022, the Company’s share price declined 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 of 2022 and concluded no impairment existed during the periods.
While the goodwill impairment analysis indicated no impairment at December 31, 2023, 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, 2023 and 2022 were as follows:

(In thousands)20232022
Core deposit premiums:
Balance, beginning of year$116,016 $93,862 
Acquisitions(1)
— 36,500 
Amortization(14,672)(14,346)
Balance, end of year101,344 116,016 
Books of business and other intangibles:
Balance, beginning of year12,935 12,373 
Acquisitions(2)
— 2,131 
Amortization(1,634)(1,569)
Balance, end of year11,301 12,935 
Total other intangible assets, net$112,645 $128,951 
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(1)    A core deposit premium of $36.5 million was recorded during 2022 as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions.
(2)    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, 2023 and 2022 were as follows:

(In thousands)20232022
Core deposit premiums:
Gross carrying amount$187,467 $189,996 
Accumulated amortization(86,123)(73,980)
Core deposit premiums, net101,344 116,016 
Books of business and other intangibles:
Gross carrying amount22,068 22,068 
Accumulated amortization(10,767)(9,133)
Books of business and other intangibles, net11,301 12,935 
Total other intangible assets, net$112,645 $128,951 
 
Core deposit premium amortization expense recorded for the years ended December 31, 2023, 2022 and 2021 was $14.7 million, $14.3 million and $12.1 million, respectively. Amortization expense recorded for books of business and other intangibles was $1.6 million, $1.6 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
 
The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2023 is as follows: 

Year(In thousands)
2024$15,403 
202512,819 
202612,346 
202712,218 
202811,312 
Thereafter48,547 
Total$112,645