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GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. Changes in the carrying amount of goodwill for the three months ended March 31, 2021 and March 31, 2020 were as follows:
|  |  |  | Three months ended
|  |  |  | March 31,
(Dollars in thousands) |  |  |  |  |  | 2021 |  | 2020
Balance at beginning of period |  |  |  |  |  | $ | 937,771 |  |  | $ | 937,771 |
Goodwill resulting from business combinations |  |  |  |  |  | 0 |  |  | 0 |
Balance at end of period |  |  |  |  |  | $ | 937,771 |  |  | $ | 937,771 |
Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its most recent annual impairment test as of October 1, 2020 and no impairment was indicated. As of March 31, 2021, no events or changes in circumstances indicated that the fair value of a reporting unit was below its carrying value. Other intangible assets. Other intangible assets consist primarily of core deposit, customer list and other miscellaneous intangibles. Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. First Financial's core deposit intangibles have an estimated weighted average remaining life of 6.8 years. First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn merger to account for the obligation or advantage on the part of either the Company or the customer to continue the pre-existing relationship subsequent to the merger. The customer list intangible asset is amortized on a straight-line basis over its estimated useful life of 11 years. Other miscellaneous intangibles include purchase commissions, non-compete agreements and trade name intangibles. Other intangible assets are included in Other intangibles in the Consolidated Balance Sheets. Amortization expense recognized on intangible assets for the three months ended March 31, 2021 and March 31, 2020 was $2.5 million and $2.8 million, respectively. The gross carrying amount and accumulated amortization of other intangible assets at March 31, 2021 and December 31, 2020 were as follows:
(Dollars in thousands) |  | March 31, 2021 |  | December 31, 2020
|  | Gross carrying amount |  | Accumulated amortization |  | Gross carrying amount |  | Accumulated amortization
Amortized intangible assets |  |  |  |  |  |  |  |
Core deposit intangibles |  | $ | 51,031 |  |  | $ | (28,834) |  |  | $ | 51,031 |  |  | $ | (27,524) |
Customer list |  | 39,420 |  |  | (5,674) |  |  | 39,420 |  |  | (4,778) |
Other |  | 10,146 |  |  | (4,105) |  |  | 10,113 |  |  | (3,710) |
Total |  | $ | 100,597 |  |  | $ | (38,613) |  |  | $ | 100,564 |  |  | $ | (36,012) |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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