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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets 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 31,20202019
Commercial Banking Segment$22,591 $22,591 
Wealth Management Services Segment41,318 41,318 
Total goodwill$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 31,20202019
Gross carrying amount$20,803 $20,803 
Accumulated amortization14,498 13,585 
Net amount$6,305 $7,218 

The balance of intangible assets at December 31, 2020 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, 2020, 2019, and 2018, amounted to $914 thousand, $943 thousand and $979 thousand, respectively.

The following table presents estimated annual amortization expense for intangible assets at December 31, 2020:
(Dollars in thousands)
Years ending December 31,2021$890 
2022860 
2023843 
2024826 
2025702 
2026 and thereafter2,184