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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of core deposit intangibles and other intangibles
The Corporation has other intangible assets that are amortized, consisting of CDIs, other intangibles, and MSRs. Other intangibles decreased $19 million from December 31, 2019, primarily driven by a $17 million decrease due to the sale of ABRC during the second quarter of 2020. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:
($ in Thousands)202020192018
Core deposit intangibles
Gross carrying amount at the beginning of the year$80,730 $58,100 $— 
Additions during the period7,379 22,630 58,100 
Accumulated amortization(21,205)(12,456)(5,326)
Net book value$66,904 $68,274 $52,774 
Amortization during the year$8,749 $7,130 $5,326 
Other intangibles
Gross carrying amount at the beginning of the year$38,970 $44,887 $34,572 
Additions during the period200 — 10,359 
Reductions due to sale(17,435)(217)(43)
Accumulated amortization(20,385)(24,643)(21,825)
Net book value$1,350 $20,027 $23,062 
Amortization during the year$1,443 $2,818 $2,833 
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance
A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows:
($ in Thousands)202020192018
Mortgage servicing rights
Mortgage servicing rights at beginning of year$67,607 $68,433 $59,168 
Additions from acquisition1,357 — 8,136 
Additions13,667 11,606 10,722 
Amortization(22,664)(12,432)(9,594)
Mortgage servicing rights at end of year$59,967 $67,607 $68,433 
Valuation allowance at beginning of year(302)(239)(784)
(Additions) recoveries, net(17,704)(63)545 
Valuation allowance at end of year(18,006)(302)(239)
Mortgage servicing rights, net$41,961 $67,306 $68,193 
Fair value of mortgage servicing rights$41,990 $72,532 $81,012 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)7,743,956 8,488,969 8,600,983 
Mortgage servicing rights, net to servicing portfolio0.54 %0.79 %0.79 %
Mortgage servicing rights expense(a)
$40,369 $12,494 $9,049 
(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income.
Summary of estimated future amortization expense
The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 2020. The actual amortization expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for amortizing intangible assets:
($ in Thousands)Core Deposit IntangiblesOther IntangiblesMortgage Servicing Rights
Year ending December 31,
2021$8,811 $200 $12,895 
20228,811 200 14,372 
20238,811 200 10,178 
20248,811 200 7,502 
20258,811 200 5,726 
Beyond 202522,849 350 9,295 
Total Estimated Amortization Expense$66,904 $1,350 $59,967