Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table presents the carrying value of goodwill at the reporting unit (or business segment) level:



(Dollars in thousands)
December 31,	2019		2018
Commercial Banking Segment		$22,591		$22,591
Wealth Management Services Segment	41,318		41,318
Balance at December 31, 2018		$63,909		$63,909

The balance of goodwill in the Commercial Banking segment arose from the acquisition of First Financial Corp. in 2002. The balance of goodwill in the Wealth Management Services segment arose from the 2005 acquisition of Weston Financial and the 2015 acquisition of Halsey.

The following table presents the components of intangible assets:



(Dollars in thousands)
December 31,	2019		2018
Gross carrying amount		$20,803		$20,803
Accumulated amortization	13,585		12,641
Net amount		$7,218		$8,162

The balance of intangible assets at December 31, 2019 includes wealth management advisory contracts resulting from the 2005 acquisition of Weston Financial and the 2015 acquisition of Halsey.

The wealth management advisory contracts resulting from the Weston Financial acquisition are being amortized over a 20-year life using a declining balance method, based on expected attrition for the current customer base derived from historical runoff data. The wealth management advisory contracts resulting from the acquisition of Halsey are being amortized on a straight-line basis over a 15-year life.

Amortization expense for the years ended December 31, 2019, 2018, and 2017, amounted to $943 thousand, $979 thousand and $1.0 million, respectively.

The following table presents estimated annual amortization expense for intangible assets at December 31, 2019:



(Dollars in thousands)
Years ending December 31,	2020		$914
	2021	890
	2022	860
	2023	843
	2024	826
	2025 and thereafter	2,885