Core Deposit Intangibles

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Core Deposit Intangibles

CORE DEPOSIT INTANGIBLES

Core deposit intangibles are recorded on the acquisition date of an entity. During the one-year measurement period, the Corporation may record subsequent adjustments to these intangibles for provisional amounts recorded at the acquisition date. The MBT acquisition on September 1, 2019 resulted in a core deposit intangible of $16,527,000. Details regarding the MBT acquisition are discussed in NOTE 2. ACQUISITION of these Notes to Consolidated Condensed Financial Statements.

The carrying basis and accumulated amortization of recognized core deposit intangibles are noted below.

	March 31, 2020			December 31, 2019
Gross carrying amount	$	102,396		$	85,869
Core deposit intangibles acquired				16,527
Accumulated amortization	(68,948		)	(67,434		)
Total core deposit intangibles	$	33,448		$	34,962

The core deposit intangibles are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of ten years. Estimated future amortization expense is summarized as follows:

	Amortization Expense
2020	$	4,473
2021	5,429
2022	5,027
2023	4,827
2024	4,241
After 2024	9,451
	$	33,448