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GOODWILL AND OTHER INTANGIBLES
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES

7. GOODWILL AND OTHER INTANGIBLES

Changes in the carrying amount of goodwill for the years ended December 31, 2020 and December 31, 2019 by operating segment are as follows (in thousands):

 

 

 

Commercial Banking

 

 

Institutional Banking

 

 

Personal Banking

 

 

Total

 

Balances as of January 1, 2020

 

$

59,419

 

 

$

51,332

 

 

$

70,116

 

 

$

180,867

 

Balances as of December 31, 2020

 

$

59,419

 

 

$

51,332

 

 

$

70,116

 

 

$

180,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2019

 

$

59,419

 

 

$

51,332

 

 

$

70,116

 

 

$

180,867

 

Balances as of December 31, 2019

 

$

59,419

 

 

$

51,332

 

 

$

70,116

 

 

$

180,867

 

 

 

Following are the intangible assets that continue to be subject to amortization as of December 31, 2020 and 2019 (in thousands):

 

 

As of December 31, 2020

 

 

Core Deposit Intangible Assets

 

 

Customer Relationships

 

 

Total

 

Gross carrying amount

$

50,059

 

 

$

89,928

 

 

$

139,987

 

Accumulated amortization

 

48,746

 

 

 

70,185

 

 

 

118,931

 

Net carrying amount

$

1,313

 

 

$

19,743

 

 

$

21,056

 

 

 

As of December 31, 2019

 

 

Core Deposit Intangible Assets

 

 

Customer Relationships

 

 

Total

 

Gross carrying amount

$

50,059

 

 

$

89,952

 

 

$

140,011

 

Accumulated amortization

 

47,140

 

 

 

65,274

 

 

 

112,414

 

Net carrying amount

$

2,919

 

 

$

24,678

 

 

$

27,597

 

 

During the year ended December 31, 2019, the Company acquired two corporate trust businesses with aggregate customer relationship intangibles of $18.1 million.  During the year ended December 31, 2020, the Company recorded a $24 thousand post-closing purchase adjustment related to one of these acquisitions.

Amortization expense for the years ended December 31, 2020, 2019, and 2018 was $6.5 million, $5.5 million and $5.8 million, respectively.

The following table discloses the estimated amortization expense of intangible assets in future years (in thousands):

 

For the year ending December 31, 2021

 

$

5,344

 

For the year ending December 31, 2022

 

 

4,468

 

For the year ending December 31, 2023

 

 

3,713

 

For the year ending December 31, 2024

 

 

2,939

 

For the year ending December 31, 2025

 

 

2,732