Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 4 to 10 years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 10 years, using various methods. Refer to Note 2 "Acquisitions" for further information regarding intangible assets.

In accordance with ASC 350, Intangibles-Goodwill and Other, the Company reviews the carrying value of indefinite lived intangible assets at least annually or more frequently if certain impairment indicators exist. The Company performed its annual impairment testing in the second quarter of 2019 and determined that there was no impairment to its goodwill or intangible assets. In the second quarter of 2018 the Company wrote off goodwill in the amount of $864,000 related to the wind down of UMG, which is now included in discontinued operations.

Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands):

    

Gross

    

    

Net

Carrying

Accumulated

Carrying

Value

Amortization

Value

December 31, 2019

 

  

 

  

 

  

Core deposit intangibles

$

135,300

$

73,336

$

61,964

Other amortizable intangibles

 

15,349

 

3,644

 

11,705

December 31, 2018

 

  

 

  

 

  

Core deposit intangibles

$

95,152

$

57,293

$

37,859

Other amortizable intangibles

 

12,695

 

1,870

 

10,825

Amortization expense of intangibles for the years ended December 31, 2019, 2018, and 2017 totaled $18.5 million, $12.8 million, and $6.1 million, respectively. As of December 31, 2019, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands):

2020

    

$

16,483

2021

13,874

2022

11,490

2023

9,687

2024

7,819

Thereafter

14,316

Total estimated amortization expense

$

73,669