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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
11. 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 as of acquisition date.
Goodwill
The Company performs its annual impairment test on October 1 or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the year ended December 31, 2020, the Company included considerations of the current economic environment caused by COVID-19 in its evaluation, and determined that it is not more likely than not that the carrying value of goodwill is impaired. No goodwill impairment exists during the year ended December 31, 2020.

The following table shows the allocation of goodwill to the Company's reportable operating segments for purposes of goodwill impairment testing:
 
(Dollars in thousands)
WSFS
Bank
Wealth
Management
Consolidated
Company
December 31, 2018$145,808 $20,199 $166,007 
Goodwill from business combinations309,486 — 309,486 
Remeasurement period adjustments(2,665)— (2,665)
December 31, 2019452,629 20,199 472,828 
Goodwill adjustments— — — 
December 31, 2020$452,629 $20,199 $472,828 

Other intangible assets
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 the Company's intangible assets:
 
(Dollars in thousands)
Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
Amortization Period
December 31, 2020
Core deposits$95,711 $(22,727)$72,984 10 years
Customer relationships15,281 (6,600)8,681 
7-15 years
Non-compete agreements221 (190)31 5 years
Loan servicing rights5,302 (2,440)2,862 
10-25 years
Total other intangible assets$116,515 $(31,957)$84,558 
December 31, 2019
Core deposits$95,711 $(13,326)$82,385 10 years
Customer relationships17,561 (7,416)10,145 
7-15 years
Non-compete agreements221 (146)75 5 years
Loan servicing rights4,880 (1,568)3,312 
10-25 years
Total other intangible assets$118,373 $(22,456)$95,917 

The Company recognized amortization expense on other intangible assets of $10.9 million, $9.7 million and $2.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.
The following presents the estimated amortization expense of intangibles:
 
(Dollars in thousands)
Amortization
of Intangibles
2021$9,973 
202211,152 
202310,955 
202410,708 
202511,019 
Thereafter30,751 
Total$84,558 

Servicing Assets
The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others. The value of the Company's mortgage servicing rights was $0.6 million and $1.2 million at December 31, 2020 and 2019, respectively, and the value of its SBA loan servicing rights was $2.3 million and $2.1 million at December 31, 2020 and 2019, respectively. Changes in the value of these servicing rights resulted in impairment of $0.2 million and $0.7 million during 2020 and 2019, respectively. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan fee income, in the Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of December 31, 2020 or 2019. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.