Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Intangible assets are included in the Consolidated Balance Sheets as a separate line item, net of accumulated amortization and consist of the following items:

(dollars in thousands)	Gross Intangible Assets		Additions		Accumulated Amortization		FHA MSR Sales		Net Intangible Assets
December 31, 2020
Goodwill	$	104,168	$	—	$	—	$	—	$	104,168
Core deposit	7,070		—		(7,070)		—		—
Excess servicing (1)	2,478		667		(2,199)		—		946
Non-compete agreements	345		—		(345)		—		—
	$	114,061	$	667	$	(9,614)	$	—	$	105,114
December 31, 2019
Goodwill	$	104,168	$	—	$	—	$	—	$	104,168
Core deposit	7,070		—		(7,027)		—		43
Excess servicing (1)	1,465		1,013		(1,971)		—		507
Non-compete agreements	345		—		(324)		—		21
	$	113,048	$	1,013	$	(9,322)	$	—	$	104,739

(1) The Company recognizes a servicing asset for the computed value of servicing fees on the sale of multifamily FHA loans and the sale of the guaranteed portion of SBA loans. Assumptions related to loan terms and amortization are made to arrive at the initial recorded values, which are included in other assets.

The aggregate amortization expense was $292 thousand, $1.2 million, and $1.6 million for the years ended December 31, 2020, 2019, and 2018, respectively.

The future estimated annual amortization expense is presented below:

Years Ending December 31:
(dollars in thousands)	Amount
2021	66
2022	66
2023	66
2024	66
2025	66
Thereafter	616
Total annual amortization	$	946