The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of business lines acquired. The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of December 31, 2021 and 2020 (in thousands):

	2021				2020
	Gross Carrying		Accumulated		Gross Carrying		Accumulated
	Value		Amortization		Value		Amortization
Goodwill	$	115,613	$	3,760	$	108,752	$	3,760
Intangibles from branch acquisition		3,015		3,015		3,015		3,015
Core deposit intangibles		39,435		24,085		32,355		20,910
Customer list intangibles		20,561		6,808		16,389		5,222
	$	178,624	$	37,668	$	160,511	$	32,907

During the second quarter of 2021, goodwill of $1.4 million was recorded for the acquisition of certain assets used by BBM & Associates Inc., in connection with its trucking insurance business. All this goodwill was assigned to First Mid Insurance.

Goodwill of $9 million was provisionally recorded for the acquisition and merger of LINCO Bancshares, Inc. (“LINCO”) during the first quarter of 2021. All this goodwill was assigned to the banking segment of the Company. This goodwill was subsequently adjusted to $5.4 million to reflect adjustments made to finalize the purchase accounting.

The following table provides a reconciliation of the purchase price paid for the acquisition of LINCO and the amount of goodwill recorded (in thousands):

Unallocated purchase price			$	12,248
Less purchase accounting adjustments:
Fair value of securities	264
Fair value of loans, net	(2,818	)
Fair value of other real estate owned	915
Fair value of premises and equipment	6,360
Fair value of time deposits	(2,081	)
Fair value of FHLB advances	(975	)
Fair value of subordinated debentures	—
Core deposit intangible	2,025
Other assets	3,293
Other liabilities	(184	)
				6,799
Resulting goodwill from acquisition			$	5,449

The unpaid principal balance of mortgage loans serviced for others was $90.2 million and $126.8 million at December 31, 2021 and 2020, respectively. The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021			December 31, 2020
Beginning balance	$	516		$	1,444
Valuation recovery		544			(273	)
Mortgage servicing rights amortized		(629	)		(593	)
I/O strip		(11	)		(62	)
Ending balance	$	420		$	516

Total amortization expense for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands):

	2021		2020		2019
Core deposit intangibles	$	3,176	$	3,164	$	3,729
Customer list intangibles		1,586		1,305		1,269
Mortgage servicing rights		629		593		850
	$	5,391	$	5,062	$	5,848

Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands):

For year ended 12/31/22	$	5,464
For year ended 12/31/23		4,804
For year ended 12/31/24		4,292
For year ended 12/31/25		3,861
For year ended 12/31/26		3,091

In accordance with the provisions of SFAS 142 ”Goodwill and Other Intangible Assets,” codified in ASC 350, the Company performed testing of goodwill for impairment as of September 30, 2021 and 2020, and determined, as of each of these dates, that goodwill was not impaired. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets. The weighted average amortization period for core deposit, customer lists and total intangibles was 3.39, 4.51 and 3.86, respectively, at December 31, 2021.