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Core Deposit Intangibles | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Core Deposit Intangibles | CORE DEPOSIT INTANGIBLES Core deposit intangibles are recorded on the acquisition date of an entity. During the one-year measurement period, the Corporation may record subsequent adjustments to these intangibles for provisional amounts recorded at the acquisition date. The MBT acquisition on September 1, 2019 resulted in a core deposit intangible of $16,527,000. Details regarding the MBT acquisition are discussed in NOTE 2. ACQUISITION of these Notes to Consolidated Condensed Financial Statements. The carrying basis and accumulated amortization of recognized core deposit intangibles are noted below.
| September 30, 2020 |  | December 31, 2019
Gross carrying amount | $ | 102,396 |  |  | $ | 85,869 |
Core deposit intangibles acquired | — |  |  | 16,527 |
Accumulated amortization | (71,945) |  |  | (67,434) |
Total core deposit intangibles | $ | 30,451 |  |  | $ | 34,962 |
The core deposit intangibles are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of ten years. Intangible asset amortization expense for the three and nine months ended September 30, 2020 was $1,486,000 and $4,511,000, respectively, compared to $1,356,000 and $4,404,000, respectively, for the three and nine months ended September 30, 2019. Estimated future amortization expense is summarized as follows:
| Amortization Expense
2020 | $ | 1,476 |
2021 | 5,429 |
2022 | 5,027 |
2023 | 4,827 |
2024 | 4,241 |
After 2024 | 9,451 |
| $ | 30,451 |

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- Definition The entire disclosure for all or part of the information related to 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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