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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 11 – Goodwill and Intangible Assets
On March 26, 2019, the Salin acquisition resulted in goodwill of $31.2 million.
 
On October 
17
,
2017
, the Wolverine acquisition resulted in goodwill of $
26.8
 million. On September 
1
,
2017
, the Lafayette acquisition resulted in goodwill of $
15.4
 million. 
No impairment loss was recorded in 2019 or 2018. The Company tested goodwill for impairment during 2019 and 2018. In both valuations, the fair value exceeded the Company’s carrying value, therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10K.
                 
 
December 31
 
  
December 31
 
 
2019
 
  
2018
 
Balance, January 1
  $
 119,880
    $
 119,880
 
Goodwill acquired
   
31,358
      
—  
  
                 
Balance, December 31
  $
 151,238
    $
 119,880
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
As a result of the acquisition of American Trust & Savings Bank in 2010; Heartland in 2012; Summit in 2014; Peoples in 2015; Kosciusko, LaPorte and CNB in 2016; Lafayette and Wolverine in 2017; and Salin in 2019; the Company has recorded certain amortizable intangible assets related to core deposit intangibles. These core deposit intangibles are being amortized over seven to ten years using an accelerated method. Amortizable intangible assets are summarized as follows:
                                 
 
December 31, 2019
   
December 31, 2018
 
 
Gross Carrying
Amount
 
  
Accumulated
Amortization
 
  
Gross Carrying
Amount
 
  
Accumulated
Amortization
 
Amortizable intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core deposit intangible
  $
 40,590
    $
 (13,911
 )   $
 20,711
    $
 (10,321
 )
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense for inta
n
gible assets totaled $3.5 million, $2.0 million, and $1.5 million for the years ended December 31, 2019, 2018 and 2017. Estimated amortization for the years ending December 31 is as
follows
:
 
         
2020
  $
3,723
  
2021
   
3,591
  
2022
   
3,516
  
2023
   
3,430
  
2024
   
3,225
  
Thereafter
   
9,194
  
         
  $
26,679