Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

(in thousands)

Changes in the carrying amount of goodwill during the years ended December 31, 2019 and 2018 were as follows:

	Total
Balance at December 31, 2018	$	3,150
Addition to goodwill from Charter acquisition		9,953
Balance at December 31, 2019	$	13,103

The additions to goodwill in 2019 from the Charter acquisition represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the relevant transaction. The Company is in the process of completing Charter’s final tax return, core processor conversion and analyzing potential unknown liabilities; as a result, the recorded balance of goodwill attributable to the Charter acquisition is subject to change in future periods.

The following table provides a summary of finite-lived intangible assets as of the dates presented:

	2019			2018
Core deposit intangible	$	766		$	—
Accumulated amortization		(27	)		—
Total finite-lived intangible assets	$	739		$	—

Core deposit intangible amortization expense for the years ended December 31, 2019, 2018 and 2017 was $27, $-0- and $-0-, respectively. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:

Year ending December 31,	Amount
2020	$	109
2021		109
2022		109
2023		109
2024		109
Thereafter		194
	$	739