Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Goodwill

We recorded goodwill in our consolidated statements of condition in connection with our historical business combinations. Goodwill is the difference between the purchases price and the fair value of the acquired company's assets, net of the liabilities assumed. Goodwill was tested at least annually for impairment. The Company’s 2023 assessment concluded that goodwill from historical transactions (2007 and prior) was fully impaired as of December 31, 2023. As a result, the Company recorded an impairment charge of the entire goodwill balance of $2.4 billion. The Company has no goodwill at December 31, 2024.

Finite-lived Intangible Assets

At December 31, 2024, intangible assets consisted of the following:

	December 31, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Core deposit intangible	$	700	$	(229)	$	471	$	700	$	(113)	$	587
Other intangible assets	26		(9)		17		56		(18)		38
Total other intangible assets	$	726	$	(238)	$	488	$	756	$	(131)	$	625

As of December 31, 2024, the weighted average amortization period for core deposit intangible and other intangible assets is 8.2 years and 5.3 years, respectively.

The estimated amortization expense of CDI and other intangible assets for the next five years and beyond is as follows:

(in millions)	Amortization Expense
2025	$	106
2026	93
2027	80
2028	68
2029	55
2030 and beyond	86
Total	$	488