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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
11. GOODWILL AND INTANGIBLE ASSETS
In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.
WSFS performs its annual goodwill impairment test on October 1 or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. In between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the year ended December 31, 2022, management determined based on its qualitative assessment that it is not more likely than not that the fair values of our reporting units are less than their carrying values. No goodwill impairment exists during the year ended December 31, 2022.

The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
 
(Dollars in thousands)
WSFS
Bank
Wealth
Management
Consolidated
Company
December 31, 2020$452,629 $20,199 $472,828 
Goodwill adjustments— — — 
December 31, 2021452,629 20,199 472,828 
Goodwill from business combinations297,646 116,691 414,337 
Goodwill adjustments(1)
3,311 (6,839)(3,528)
December 31, 2022$753,586 $130,051 $883,637 
(1)Goodwill adjustments include the remeasurements as noted in Note 3 and Wealth Management includes the impact of the sale of the BMTIA business.
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
 
(Dollars in thousands)
Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
Amortization Period
December 31, 2022
Core deposits$104,751 $(40,443)$64,308 10 years
Customer relationships68,281 (12,937)55,344 
7-15 years
Non-compete agreements200 (200)— 1 year
Tradename2,900 — 2,900 indefinite
Loan servicing rights(1)
11,118 (5,075)6,043 
10-25 years
Total intangible assets$187,250 $(58,655)$128,595 
December 31, 2021
Core deposits$93,811 $(30,103)$63,708 10 years
Customer relationships15,281 (7,876)7,405 
7-15 years
Loan servicing rights(2)
6,671 (3,381)3,290 
10-25 years
Total intangible assets$115,763 $(41,360)$74,403 
(1)Includes impairment losses of $0.3 million for the year ended December 31, 2022.
(2)Includes reversal of impairment losses of $0.3 million for the year ended December 31, 2021.
In connection with the BMBC Merger on January 1, 2022, the Company recorded $10.9 million of core deposit intangibles, $53.0 million of customer relationships, $2.9 million for the Bryn Mawr Trust tradename, $0.2 million in non-compete agreements, and $3.3 million of loan servicing rights. See Note 3 to the Consolidated Financial Statements for additional information on intangible assets recorded in connection with the BMBC Merger.
The Company recognized amortization expense on other intangible assets of $15.7 million, $10.6 million and $10.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The following presents the estimated amortization expense of intangibles:
 
(Dollars in thousands)
Amortization
of Intangibles
2023$16,584 
202416,332 
202515,996 
202615,328 
202714,902 
Thereafter46,553 
Total$125,695 
Servicing Assets
The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.
The value of the Company's mortgage servicing rights was $2.1 million and $0.5 million at December 31, 2022 and 2021, respectively, and the value of its SBA loan servicing rights was $4.0 million and $2.8 million at December 31, 2022 and 2021, respectively. In connection with the BMBC Merger, the Company acquired $2.0 million of mortgage servicing rights and $1.3 million of SBA loan servicing rights. Changes in the value of these servicing rights resulted in impairment losses of $0.3 million during 2022 and a reversal of impairment losses of $0.3 million during 2021. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan fee income, in the Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of December 31, 2022 or 2021. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.