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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
GOODWILL AND OTHER INTANGIBLE ASSETS (Note 9)
The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: 
 
Business Segment / Reporting Unit*
 
Wealth
Management
 
Consumer
Lending
 
Commercial
Lending
 
Investment
Management
 
Total
 
(in thousands)
Balance at December 31, 2017
$
21,218

 
$
200,103

 
$
316,258

 
$
153,058

 
$
690,637

Goodwill from business combinations
—

 
86,922

 
241,592

 
65,514

 
394,028

Balance at December 31, 2018
$
21,218

 
$
287,025

 
$
557,850

 
$
218,572

 
$
1,084,665

Goodwill from business combinations
—

 
19,547

 
267,917

 
1,496

 
288,960

Balance at December 31, 2019
$
21,218

 
$
306,572

 
$
825,767

 
$
220,068

 
$
1,373,625

 
*
Valley’s Wealth Management Division is comprised of trust, asset management and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.
    
The goodwill from business combinations during 2019 and 2018 set forth in the table above relates to the Oritani and USAB acquisitions, respectively. See Note 2 for further details.
There was no impairment of goodwill during the years ended December 31, 2019, 2018 and 2017.
The following tables summarize other intangible assets as of December 31, 2019 and 2018: 
 
Gross
Intangible
Assets
 
Accumulated
Amortization
 
Valuation
Allowance
 
Net
Intangible
Assets
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
 
Loan servicing rights
$
94,827

 
$
(70,095
)
 
$
(47
)
 
$
24,685

Core deposits
101,160

 
(40,384
)
 
—

 
60,776

Other
3,945

 
(2,634
)
 
—

 
1,311

Total other intangible assets
$
199,932

 
$
(113,113
)
 
$
(47
)
 
$
86,772

December 31, 2018
 
 
 
 
 
 
 
Loan servicing rights
$
87,354

 
$
(63,161
)
 
$
(83
)
 
$
24,110

Core deposits
80,470

 
(29,136
)
 
—

 
51,334

Other
3,945

 
(2,399
)
 
—

 
1,546

Total other intangible assets
$
171,769

 
$
(94,696
)
 
$
(83
)
 
$
76,990


Core deposits are amortized using an accelerated method and have a weighted average amortization period of 8.9 years. The line item labeled “Other” included in the table above primarily consists of customer lists which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of 7.6 years. Valley recorded $20.7 million of core deposit intangibles resulting from the Oritani acquisition. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the years ended December 31, 2019, 2018 and 2017.

The following table summarizes the change in loan servicing rights during the years ended December 31, 2019, 2018 and 2017: 
 
2019
 
2018
 
2017
 
(in thousands)
Loan servicing rights:
 
 
 
 
 
Balance at beginning of year
$
24,193

 
$
22,084

 
$
20,368

Origination of loan servicing rights
7,473

 
8,216

 
7,039

Amortization expense
(6,934
)
 
(6,107
)
 
(5,323
)
Balance at end of year
$
24,732

 
$
24,193

 
$
22,084

Valuation allowance:
 
 
 
 
 
Balance at beginning of year
$
(83
)
 
$
(471
)
 
$
(900
)
Impairment adjustment
36

 
388

 
429

Balance at end of year
$
(47
)
 
$
(83
)
 
$
(471
)
Balance at end of year, net of valuation allowance
$
24,685

 
$
24,110

 
$
21,613


Loan servicing rights are accounted for using the amortization method. See Note 1 for more details.
The Bank is a servicer of residential mortgage loan portfolios, and it is compensated for loan administrative services performed for mortgage servicing rights of loans originated and sold by the Bank, and to a lesser extent, purchased mortgage servicing rights. The aggregate principal balances of residential mortgage loans serviced by the Bank for others approximated $3.4 billion, $3.2 billion and $2.8 billion at December 31, 2019, 2018 and 2017, respectively. The outstanding balance of loans serviced for others is not included in the consolidated statements of financial condition.
Valley recognized amortization expense on other intangible assets, including net recoveries of impairment charges on loan servicing rights (reflected in the table above), of $18.1 million, $18.4 million and $10.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table presents the estimated amortization expense of other intangible assets over the next five-year period: 
Year
 
Loan Servicing
Rights
 
Core
Deposits
 
Other
 
 
(in thousands)
2020
 
$
4,263

 
$
13,363

 
$
220

2021
 
3,532

 
11,607

 
206

2022
 
2,929

 
9,876

 
191

2023
 
2,429

 
8,146

 
131

2024
 
2,016

 
6,537

 
117