Goodwill and Intangible Assets

A summary of goodwill and intangible assets at December 31, 2019 and 2018, is as follows:



(In Thousands)	2019		2018
Intangible assets:
Goodwill		$15,017		$15,017
Core deposit intangible	127		187
Trade name intangible	950		950
Total		$16,094		$16,154

Goodwill and Other Intangible Assets: Goodwill as of December 31, 2019 and 2018 includes $6.9 million related to the Company's acquisition of branch locations from Bank of America in 1998. In 2007, the Company recorded $1.8 million of goodwill and $1.3 million of core deposit intangible ("CDI") as part of the acquisition of Alaska First Bank & Trust, N.A. (“Alaska First”) stock. The Company amortized the CDI related to the Alaska First acquisition over its estimated useful life. On April 1, 2014, the Company recorded $623,000 of CDI as part of the acquisition of Alaska Pacific. The Company is amortizing the CDI related to the Alaska Pacific acquisition over its estimated useful life of ten years using an accelerated method. Accumulated amortization related to the Alaska Pacific CDI was $495,000, $435,000 and $365,000 at December 31, 2019, 2018, and 2017, respectively. Lastly, on December 1, 2014 the Company recorded goodwill and a trade name intangible as part of the acquisition of RML. As of December 31, 2019 and 2018, the Company has $7.5 million of goodwill and $950,000 of trade name intangible recorded related to this transaction. These assets have indefinite useful lives and are not amortized.

The Company performed its annual goodwill impairment testing at December 31, 2019 and 2018 in accordance with the policy described in Note 1 to the financial statements. At December 31, 2019, the Company performed its annual impairment test using a qualitative assessment. Significant positive inputs to the qualitative assessment included the Company’s increasing net income as compared to historical trends, the Company's stable budget-to-actual results of operations; results of regulatory examinations; peer comparisons of the Company's net interest margin; trends in the Company’s cash flows; improvements in the Alaskan economy in 2019; increases in the volume of mortgage originations in Alaska; and increases in the Company's stock price. Significant negative inputs to the qualitative assessment included the continued lower level of oil prices and the muted pace of growth in the Alaska economy. We believe that the positive inputs to the qualitative assessment noted above outweigh the negative inputs for both of the Company's operating segments, and we therefore concluded that it is more likely than not that the fair value of the Company exceeds its carrying value at December 31, 2019 and that no potential impairment existed at that time.

The Company recorded amortization expense of its intangible assets of $60,000, $70,000, and $100,000 for the years ended December 31, 2019, 2018, and 2017, respectively. Accumulated amortization for intangible assets was $5.9 million at December 31, 2019 and 2018, respectively.

The future amortization expense required on these assets is as follows:



(In Thousands)
2020		$48
2021	37
2022	25
2023	14
2024	3
Thereafter	—
Total		$127