10. GOODWILL AND INTANGIBLE ASSETS

In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value.

During the three months ended March 31, 2019, we determined there were no events or indicators of impairment as it relates to goodwill or other intangibles.

The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing:



(Dollars in thousands)	WSFS Bank		Cash Connect		Wealth Management		Consolidated Company
December 31, 2018	$	145,808	$	—	$	20,199	$	166,007
Goodwill from business combinations	309,486		—		—		309,486
March 31, 2019	$	455,294	$	—	$	20,199	$	475,493

ASC 350 also requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so.

The following table summarizes our intangible assets:



(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization			Net Intangible Assets		Amortization Period
March 31, 2019
Core deposits	$	95,711	$	(6,235	)	$	89,476	10 years
Customer relationships	17,561		(6,215		)	11,346		7-15 years
Non-compete agreements	221		(113		)	108		5 years
Loan servicing rights	5,177		(1,337		)	3,840		10-30 years
Total intangible assets	$	118,670	$	(13,900	)	$	104,770
December 31, 2018
Core deposits	$	10,658	$	(5,285	)	$	5,373	10 years
Customer relationships	17,561		(5,815		)	11,746		7-15 years
Non-compete agreements	221		(101		)	120		5 years
Loan servicing rights	2,652		(1,301		)	1,351		10-30 years
Favorable lease asset⁽¹⁾	1,932		(506		)	1,426		10 months-18 years
Total intangible assets	$	33,024	$	(13,008	)	$	20,016


⁽¹⁾	The favorable lease asset was fully amortized and written off during the three months ended March 31, 2019 as a result of our adoption of ASU 2016-01. See Note 2 for further information.

We recognized amortization expense on intangible assets of $1.4 million and $0.7 million for the three months ended March 31, 2019 and March 31, 2018, respectively.

The following table presents the estimated future amortization expense on our intangible assets:



(Dollars in thousands)	Amortization of Intangibles
Remaining in 2019	$	9,779
2020	10,981
2021	10,655
2022	10,592
2023	10,564
Thereafter	52,199
Total	$	104,770