Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Other Intangible Assets [Abstract]

8. Goodwill and Other Intangible Assets

A summary of goodwill is as follows:

(In thousands)
January 1, 2020	$	274,769
Goodwill acquired		5,772
December 31, 2020	$	280,541

January 1, 2019	$	274,769
Goodwill acquired		-
December 31, 2019	$	274,769

The Company has intangible assets with definite useful lives capitalized on its consolidated balance sheet in the form of core deposit and other identified intangible assets. These intangible assets are amortized over their estimated useful lives, which range primarily from one to twenty years.

There was no impairment of goodwill recorded during the year ended December 31, 2020 and 2019.

A summary of core deposit and other intangible assets follows:

	December 31,
(In thousands)	2020		2019
Core deposit intangibles:
Gross carrying amount	$	8,951	$	8,951
Less: accumulated amortization		8,463		7,988
Net carrying amount	$	488	$	963

Identified intangible assets:
Gross carrying amount	$	27,057	$	34,623
Less: accumulated amortization		15,810		23,566
Net carrying amount	$	11,247	$	11,057

Total intangibles:
Gross carrying amount	$	36,008	$	43,574
Less: accumulated amortization		24,273		31,554
Net carrying amount	$	11,735	$	12,020

Amortization expense on intangible assets with definite useful lives totaled $3.4 million for 2020, $3.6 million for 2019 and $4.0 million for 2018. Amortization expense on intangible assets with definite useful lives is expected to total $2.8 million for 2021, $2.2 million for 2022, $1.8 million for 2023, $1.5 million for 2024, $1.2 million for 2025 and $2.3 million thereafter. Other identified intangible assets include customer lists and non-compete agreements.

During the years ended December 31, 2020 and 2019, there was no impairment of intangible assets.