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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

In connection with the Acquisition in the first quarter of 2021, the Company recognized Goodwill of $75.7 million, which is fully allocated to the LC Bank operating segment. Goodwill is not amortized, but will be subject to annual impairment tests. For additional detail, see “Note 1. Summary of Significant Accounting Policies.”

Intangible Assets

Intangible assets consist of customer relationships. Intangible assets, net of accumulated amortization, are included in “Other assets” on the Balance Sheet. The gross and net carrying values and accumulated amortization were as follows:
December 31,20212020
Gross Carrying Value$54,500 $39,500 
Accumulated Amortization(33,319)(28,073)
Net Carrying Value$21,181 $11,427 

The customer relationship intangible assets are amortized on an accelerated basis from ten to fourteen years. Amortization expense associated with intangible assets for the years ended December 31, 2021, 2020 and 2019 was $5.2 million, $3.1 million and $3.5 million, respectively. There was no impairment loss for the years ended December 31, 2021, 2020 and 2019.

The expected future amortization expense for intangible assets as of December 31, 2021, is as follows:
2022$4,847 
20234,198 
20243,549 
20252,901 
20262,252 
Thereafter3,434 
Total$21,181