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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

(7) Goodwill and Intangible Assets

There was no change in the carrying amount of goodwill of $76,851 for the periods ended September 30, 2020 and December 31, 2019.

Acquired intangible assets, other than goodwill, as of September 30, 2020 and December 31, 2019 were as follows:

 

 

 

2020

 

 

2019

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Amortized intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

$

14,792

 

 

$

8,735

 

 

$

6,057

 

 

$

14,792

 

 

$

8,049

 

 

$

6,743

 

Total amortized intangible assets

 

$

14,792

 

 

$

8,735

 

 

$

6,057

 

 

$

14,792

 

 

$

8,049

 

 

$

6,743

 

 

(1)

Excludes fully amortized intangible assets

Aggregate core deposit intangible amortization expense was $227, $235, $686 and $710 for the three and nine months ended September 30, 2020 and 2019, respectively.

Activity for mortgage servicing rights (MSRs) and the related valuation allowance for the three- and nine-months ended September 30, 2020 and September 30, 2019 were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Loan Servicing Rights:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

1,717

 

 

$

1,642

 

 

$

1,562

 

 

$

1,664

 

Additions

 

 

381

 

 

 

71

 

 

 

924

 

 

 

144

 

Disposals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortized to expense

 

 

(135

)

 

 

(81

)

 

 

(361

)

 

 

(176

)

Other charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Change in valuation allowance

 

 

25

 

 

 

—

 

 

 

(137

)

 

 

—

 

Balance at End of Period

 

$

1,988

 

 

$

1,632

 

 

$

1,988

 

 

$

1,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation allowance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

264

 

 

$

—

 

 

$

102

 

 

$

—

 

Additions expensed

 

 

—

 

 

 

—

 

 

 

162

 

 

 

—

 

Reductions credited to operations

 

 

(25

)

 

 

—

 

 

 

(25

)

 

 

—

 

Direct write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at End of Period

 

$

239

 

 

$

—

 

 

$

239

 

 

$

—

 

 

 

Estimated amortization expense for each of the next five years and thereafter is as follows:

 

 

 

MSRs

 

 

Core deposit

intangibles

 

 

Total

 

2020

 

$

29

 

 

$

227

 

 

$

256

 

2021

 

 

116

 

 

 

891

 

 

 

1,007

 

2022

 

 

115

 

 

 

868

 

 

 

983

 

2023

 

 

115

 

 

 

841

 

 

 

956

 

2024

 

 

114

 

 

 

804

 

 

 

918

 

Thereafter

 

 

1,499

 

 

 

2,426

 

 

 

3,925

 

 

 

$

1,988

 

 

$

6,057

 

 

$

8,045