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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in Goodwill | The following table presents the changes in the carrying amount of goodwill for the years ending December 31, 2021 and 2020:
| Year ended December 31
(Dollars in thousands) | 2021 |  | 2020
Balance at January 1 | $ | 350,298 |  |  | $ | 349,398 |
Recognized in the Community Financial acquisition | — |  |  | 686 |
Measurement period adjustments(1) | — |  |  | 214 |
Other adjustment(2) | (4,234) |  |  | — |
Balance at December 31 | $ | 346,064 |  |  | $ | 350,298 |
(1)Adjustments related to Entegra PCD loans and divested deposits as well as the deferred tax assets related to these items. |  |  |
(2)Immaterial adjustment related to deferred taxes associated with pensions. |  |  |
Schedule of Mortgage Servicing Rights at Amortized Cost | The activity of the mortgage servicing asset for the years ended December 31, 2021, 2020 and 2019 is presented in the following table:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Balance at January 1 | $ | 18,426 |  |  | $ | 22,963 |  |  | $ | 21,396 |
Servicing rights originated | 10,556 |  |  | 8,006 |  |  | 6,149 |
Servicing rights acquired in Entegra transaction | — |  |  | — |  |  | 1,873 |
Amortization | (8,727) |  |  | (8,400) |  |  | (6,233) |
Valuation allowance decrease (increase) | 3,102 |  |  | (4,143) |  |  | (222) |
Balance at December 31 | $ | 23,357 |  |  | $ | 18,426 |  |  | $ | 22,963 |
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, 2021, 2020 and 2019:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 4,365 |  |  | $ | 222 |  |  | $ | — |
Valuation allowance (decrease) increase | (3,102) |  |  | 4,143 |  |  | 222 |
Ending balance | $ | 1,263 |  |  | $ | 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, 2021 and 2020, were as follows:
| 2021 |  | 2020
Discount rate - conventional fixed loans | 8.51 | % |  | 7.92 | %
Discount rate - all loans excluding conventional fixed loans | 9.51 | % |  | 8.92 | %
Weighted average constant prepayment rate | 15.69 | % |  | 20.62 | %
Weighted average cost to service a loan | $ | 87.58 |  |  | $ | 87.58 |
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) | 2021 |  | 2020
Balance at January 1 | $ | 29,667 |  |  | $ | 43,386 |
Acquired in Community Financial transaction | — |  |  | 536 |
Amortization | (10,948) |  |  | (14,255) |
Balance at December 31 | $ | 18,719 |  |  | $ | 29,667 |
The gross amount of core deposit intangible assets and accumulated amortization as of December 31, 2021 and 2020, are:
(Dollars in thousands) | 2021 |  | 2020
Gross balance | $ | 127,842 |  |  | $ | 127,842 |
Accumulated amortization | (109,123) |  |  | (98,175) |
Carrying value | $ | 18,719 |  |  | $ | 29,667 |
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) |
2022 | $ | 7,743 |
2023 | 5,129 |
2024 | 2,659 |
2025 | 1,374 |
2026 and subsequent | 1,814 |
| $ | 18,719 |

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