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

A summary of the Company’s goodwill assets by reporting unit is presented in the following table:
(Dollars in thousands)
December 31,
2019
 
Goodwill
Acquired
 
Impairment
Loss
 
Goodwill Adjustments
 
September 30,
2020
Community banking
$
536,396

 
$
—

 
$
—

 
$
—

 
$
536,396

Specialty finance
39,451

 
—

 
—

 
(576
)
 
38,875

Wealth management
69,373

 
—

 
—

 
—

 
69,373

    Total
$
645,220

 
$
—

 
$
—

 
$
(576
)
 
$
644,644



The specialty finance unit's goodwill decreased $576,000 in the first nine months of 2020 as a result of foreign currency translation adjustments related to the Canadian acquisitions.

At October 1, 2019, the Company utilized a quantitative approach for its annual goodwill impairment test of the specialty finance and wealth management reporting units and determined that no impairment existed at that time. The Company utilized a qualitative approach as of October 1, 2019 for its annual goodwill impairment test of the community banking reporting unit and determined that it was not more likely than not that an impairment existed at that time. The Company previously performed a quantitative approach for its annual goodwill impairment test of the community banking reporting unit as of June 30, 2017.

At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. Given the current economic uncertainty and volatility surrounding COVID-19, the Company assessed whether such events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Impairment indicators considered comprised the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. The Company further considered the amount by which fair value exceeded book value for each reporting unit in its most recent quantitative analysis and sensitivities performed.

At the conclusion of this assessment of all reporting units, the Company determined that as of September 30, 2020, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit.

A summary of intangible assets as of the dates shown and the expected amortization of finite-lived intangible assets as of September 30, 2020 is as follows:
(Dollars in thousands)
September 30,
2020
 
December 31,
2019
 
September 30,
2019
Community banking segment:
 
 
 
 
 
Core deposit intangibles with finite lives:
 
 
 
 
 
Gross carrying amount
$
55,206

 
$
55,206

 
$
48,791

Accumulated amortization
(31,209
)
 
(26,326
)
 
(24,628
)
    Net carrying amount
$
23,997

 
$
28,880

 
$
24,163

Trademark with indefinite lives:
 
 
 
 
 
Carrying amount
5,800

 
5,800

 
5,800

Total net carrying amount
$
29,797

 
$
34,680

 
$
29,963

Specialty finance segment:
 
 
 
 
 
Customer list intangibles with finite lives:
 
 
 
 
 
Gross carrying amount
$
1,962

 
$
1,965

 
$
1,962

Accumulated amortization
(1,624
)
 
(1,552
)
 
(1,526
)
    Net carrying amount
$
338

 
$
413

 
$
436

Wealth management segment:
 
 
 
 
 
Customer list and other intangibles with finite lives:
 
 
 
 
 
Gross carrying amount
$
20,430

 
$
20,430

 
$
20,430

Accumulated amortization
(11,895
)
 
(8,466
)
 
(7,172
)
    Net carrying amount
$
8,535

 
$
11,964

 
$
13,258

Total intangible assets:
 
 
 
 
 
Gross carrying amount
$
83,398

 
$
83,401

 
$
76,983

Accumulated amortization
(44,728
)
 
(36,344
)
 
(33,326
)
Total intangible assets, net
$
38,670

 
$
47,057

 
$
43,657


Estimated amortization
 
Actual in nine months ended September 30, 2020
$
8,384

Estimated remaining in 2020
2,634

Estimated—2021
7,692

Estimated—2022
6,135

Estimated—2023
4,670

Estimated—2024
3,263



The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the Veterans First acquisition. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis.

Total amortization expense associated with finite-lived intangibles totaled approximately $8.4 million and $8.8 million for the nine months ended September 30, 2020 and 2019, respectively.