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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in Goodwill | The following table presents the changes in the carrying amount of goodwill as of December 31, 2020 and 2019:
| Year ended December 31
(Dollars in thousands) | 2020 |  | 2019
Balance at January 1 | $ | 349,398 |  |  | $ | 236,347 |
Recognized in the Community Financial acquisition | 686 |  |  | — |
Measurement period adjustments(1) | 214 |  |  | — |
Recognized in the Biscayne Bancshares acquisition | — |  |  | 46,521 |
Recognized in the First South Bancorp acquisition | — |  |  | 13,896 |
Recognized in the Entegra acquisition | — |  |  | 52,634 |
Balance at December 31 | $ | 350,298 |  |  | $ | 349,398 |
(1)See Note B, Business Combinations for additional information |  |  |
Schedule of Mortgage Servicing Rights at Amortized Cost | The activity of the mortgage servicing asset for the years ended December 31, 2020, 2019 and 2018 is presented in the following table:
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Balance at January 1 | $ | 22,963 |  |  | $ | 21,396 |  |  | $ | 21,945 |
Servicing rights originated | 8,006 |  |  | 6,149 |  |  | 5,258 |
Servicing rights acquired in Entegra transaction | — |  |  | 1,873 |  |  | — |
Amortization | (8,400) |  |  | (6,233) |  |  | (5,807) |
Valuation allowance increase | (4,143) |  |  | (222) |  |  | — |
Balance at December 31 | $ | 18,426 |  |  | $ | 22,963 |  |  | $ | 21,396 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets | The following table presents the activity in the servicing asset valuation allowance for the years ended December 31, 2020, 2019 and 2018:
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Beginning balance | $ | 222 |  |  | $ | — |  |  | $ | — |
Valuation allowance increase | 4,143 |  |  | 222 |  |  | — |
Ending balance | $ | 4,365 |  |  | $ | 222 |  |  | $ | — |
Mortgage Servicing Rights Key Economic Assumptions Used to Value | Key economic assumptions used to value mortgage servicing rights as of December 31, 2020 and 2019, were as follows:
| 2020 |  | 2019
Discount rate - conventional fixed loans | 7.92 | % |  | 8.92 | %
Discount rate - all loans excluding conventional fixed loans | 8.92 | % |  | 9.92 | %
Weighted average constant prepayment rate | 20.62 | % |  | 13.72 | %
Weighted average cost to service a loan | $ | 87.58 |  |  | $ | 87.09 |
Schedule of Other Intangible Assets | The following information relates to core deposit intangible assets, which are being amortized over their estimated useful lives:
(Dollars in thousands) | 2020 |  | 2019
Balance at January 1 | $ | 43,386 |  |  | $ | 48,232 |
Acquired in Community Financial transaction | 536 |  |  | — |
Acquired in Biscayne Bancshares transaction | — |  |  | 4,745 |
Acquired in First South Bancorp transaction | — |  |  | 2,268 |
Acquired in Entegra transaction | — |  |  | 4,487 |
Amortization | (14,255) |  |  | (16,346) |
Balance at December 31 | $ | 29,667 |  |  | $ | 43,386 |
The gross amount of core deposit intangible assets and accumulated amortization as of December 31, 2020 and 2019, are:
(Dollars in thousands) | 2020 |  | 2019
Gross balance | $ | 127,842 |  |  | $ | 154,507 |
Accumulated amortization | (98,175) |  |  | (111,121) |
Carrying value | $ | 29,667 |  |  | $ | 43,386 |
Future Amortization Expense Schedule | Based on current estimated useful lives and carrying values, BancShares anticipates amortization expense for core deposit intangibles in subsequent periods will be:
(Dollars in thousands) |
2021 | $ | 10,948 |
2022 | 7,743 |
2023 | 5,129 |
2024 | 2,658 |
2025 and subsequent | 3,189 |
| $ | 29,667 |

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