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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 is summarized below for both the total Company and by the Company's reportable segments.
December 31,
(dollars in thousands)20202019
Consolidated
Carrying amount of goodwill at beginning of year$931,637 $503,434 
Additions related to acquisitions in current year— 430,497 
Fair value adjustments related to acquisitions in prior year(3,632)(2,294)
Carrying amount of goodwill at end of year$928,005 $931,637 
Banking Division
Carrying amount of goodwill at beginning of year$867,139 $438,144 
Additions related to acquisitions in current year— 430,497 
Fair value adjustments related to acquisitions in prior year(3,632)(1,502)
Carrying amount of goodwill at end of year$863,507 $867,139 
Premium Finance Division
Carrying amount of goodwill at beginning of year$64,498 $65,290 
Fair value adjustments related to acquisitions in prior year— (792)
Carrying amount of goodwill at end of year$64,498 $64,498 

During 2020, the Company recorded a subsequent goodwill fair value adjustment of $(3.6) million related to the Fidelity acquisition. 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.

The Company performs its annual impairment test at December 31 of each year and more frequently if a triggering event occurs. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company performed an interim qualitative assessment at March 31, 2020 considering the decline in the Company's stock price relative to book value and the impact of COVID-19 on the economy and determined that it was more likely than not that the reporting units fair values exceeded their carrying value.

During the second quarter of 2020, the Company assessed the indicators of goodwill impairment and determined a triggering event had occurred. Triggering events included sustained decline in the Company's share price, the impact of COVID-19 on the
economy and low interest rate environment. The Company performed a quantitative analysis of goodwill and determined no impairment existed at June 30, 2020.

At September 30, 2020, the Company performed an interim qualitative assessment and determined that it was more likely than not that the reporting units fair values exceeded their carrying values. At December 31, 2020, the Company performed its annual qualitative assessment and determined that it was more likely than not that the reporting units fair values exceeded their carrying values.

Each of the valuation methods used by the Company requires significant assumptions. Depending on the specific method, assumptions are made regarding growth rates, discount rates for cash flows, control premiums, and selected multiples. Changes to any of the assumptions could result in significantly different results.

The carrying value of intangible assets as of December 31, 2020 and 2019 was $72.0 million and $91.6 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. The amortization period used for core deposit intangibles ranges from seven to ten years. 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, 2020As of December 31, 2019
(dollars in thousands)
Gross
Amount
Accumulated
Amortization
Gross
Amount
Accumulated
Amortization
Amortized intangible assets:
   Core deposit premiums$107,958 $50,829 $107,958 $34,220 
   Insurance agent relationships22,351 8,149 22,351 5,355 
   US Premium Finance trade name1,094 456 1,094 300 
   Non-compete agreement162 157 162 104 
$131,565 $59,591 $131,565 $39,979 

The aggregate amortization expense for intangible assets was approximately $19.6 million, $17.7 million and $9.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The estimated amortization expense for each of the next five years is as follows (in thousands):
2021$14,965 
202212,554 
202311,054 
20249,999 
20258,937 
Thereafter14,465 
$71,974