GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 6 – Goodwill and Other Intangible Assets

The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table:

		June 30, 2020						Weighted		December 31, 2019						Weighted
		Gross				Net		Average		Gross				Net		Average
		Carrying		Accumulated		Carrying		Remaining		Carrying		Accumulated		Carrying		Remaining
(Dollars in thousands)		Amount		Amortization		Amount		Life		Amount		Amortization		Amount		Life
Amortizing intangible assets:
Core deposit intangibles		$	29,038	$	(5,399)	$	23,639	9.0	years	$	10,678	$	(3,689)	$	6,989	8.0	years
Other identifiable intangibles			13,906		(1,402)		12,504	11.2	years		1,478		(626)		852	9.7	years
	Total amortizing intangible assets	$	42,944	$	(6,801)	$	36,143			$	12,156	$	(4,315)	$	7,841
Goodwill		$	370,547			$	370,547			$	347,149			$	347,149

The table above reflects an additional $18.4 million in core deposit intangible asset related to the Revere acquisition that will amortize over 9.67 years.

The amount of goodwill by reportable segment is presented in the following table:

		Community				Investment
(In thousands)		Banking		Insurance		Management		Total
Balance December 31, 2019	$	331,173	$	6,788	$	9,188	$	347,149
Acquisition of Rembert Pendleton Jackson		-		-		22,559		22,559
Acquisition of Revere Bank		839		-		-		839
Balance June 30, 2020	$	332,012	$	6,788	$	31,747	$	370,547

The table above includes the estimated amount of goodwill resulting from the Revere acquisition that was recorded as of June 30, 2020, and is subject to further revision. See Note 2 for additional information on the Revere acquisition.

The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31:

(In thousands)		Amount
Remaining for 2020		$	3,622
2021			6,600
2022			5,845
2023			5,089
2024			4,333
Thereafter			10,654
	Total amortizing intangible assets	$	36,143