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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The change in the carrying value of goodwill for the years ended December 31, 2019 and 2018 is summarized below for both the total Company and by the Company's reportable segments.
December 31,
(dollars in thousands)20192018
Consolidated
Carrying amount of goodwill at beginning of year$503,434  $125,532  
Additions related to acquisitions in current year430,497  377,902  
Fair value adjustments related to acquisitions in prior year(2,294) —  
Carrying amount of goodwill at end of year$931,637  $503,434  
Banking Division
Carrying amount of goodwill at beginning of year$438,144  $125,532  
Additions related to acquisitions in current year430,497  312,612  
Fair value adjustments related to acquisitions in prior year(1,502) —  
Carrying amount of goodwill at end of year$867,139  $438,144  
Premium Finance Division
Carrying amount of goodwill at beginning of year$65,290  $—  
Additions related to acquisitions in current year—  65,290  
Fair value adjustments related to acquisitions in prior year(792) —  
Carrying amount of goodwill at end of year$64,498  $65,290  

During 2019, the Company recorded net additions to goodwill totaling $428.2 million comprised of $430.5 million related to the Fidelity acquisition and $1.1 million, $(2.6) million and $(792,000) related to subsequent fair value adjustments on the Hamilton, Atlantic and USPF acquisitions, respectively.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value.

At December 31, 2019, the Banking Division had positive equity and the Company's qualitative assessment indicated that it was more likely than not that the Banking Division's fair value exceeded its carrying value, resulting in no goodwill impairment.

At December 31, 2019, the Premium Finance Division had positive equity but the Company’s qualitative assessment did not indicate that it was more likely than not that the reporting unit’s fair value exceeded its carrying value. Therefore, the Company proceeded to the two step impairment test. Step 1 includes the determination of the carrying value of the reporting unit, including the goodwill and intangible assets, and estimating fair value of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, Step 2 determines the impairment. Step 1 was completed for the Premium Finance Division by updating the original cash flow model used to value the division with current customer information, margin assumptions and future growth. The resulting fair value of the Premium Finance Division exceeded its carrying value, indicating no goodwill impairment and eliminating the need to do Step 2.

The carrying value of intangible assets as of December 31, 2019 and 2018 was $91.6 million and $58.7 million, respectively. Intangible assets are comprised of core deposit intangibles, an insurance agent relationships intangible, a "US Premium Finance" trade name intangible and a non-compete agreement intangible. During 2019, the Company recorded core deposit intangible assets of $50.6 million associated with the Fidelity acquisition. During 2018, the Company recorded core deposit intangible assets of $23.6 million and $7.5 million associated with the Hamilton acquisition and the Atlantic acquisition, respectively. The amortization period used for core deposit intangibles ranges from seven to ten years. Also during 2018, in connection with the USPF acquisition, the Company recorded an insurance agent relationships intangible asset of $22.4 million, a "US Premium Finance" trade name intangible asset of $1.1 million and a non-compete agreement intangible asset of $162,000. The amortization periods used for the insurance agent relationships, the "US Premium Finance" trade name and the non-compete agreement intangible assets are eight years, seven years and three years, respectively.
The following is a summary of information related to acquired intangible assets:
As of December 31, 2019As of December 31, 2018
(dollars in thousands)
Gross
Amount
Accumulated
Amortization
Gross
Amount
Accumulated
Amortization
Amortized intangible assets:
   Core deposit premiums$107,958  $34,220  $57,348  $19,512  
   Insurance agent relationships22,351  5,355  22,351  2,561  
   US Premium Finance trade name1,094  300  1,094  143  
   Non-compete agreement162  104  162  50  
$131,565  $39,979  $80,955  $22,266  

The aggregate amortization expense for intangible assets was approximately $17.7 million, $9.5 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The estimated amortization expense for each of the next five years is as follows (in thousands):
2020$19,612  
202114,965  
202212,554  
202311,054  
20249,999  
Thereafter23,402  
$91,586