NOTE H – GOODWILL AND OTHER INTANGIBLE ASSETS

The table below summarizes the changes in carrying amounts of goodwill and other intangibles (core deposit intangibles) for the periods presented.


			Core Deposit Intangible
					Accumulated
	Goodwill		Gross		Amortization		Net
			(dollars in thousands)

Balance at January 1, 2017	$	6,931	$	3,219	$	(2,409)	$	810
Goodwill and core deposit intangible resulting from Premara merger		17,973		2,700		—		2,700
Amortization expense		—		—		(409)		(409)
Balance at December 31, 2017		24,904		5,919		(2,818)		3,101
Adjustment of goodwill		(325)		—		—		—
Amortization expense		—		—		(1,016)		(1,016)
Balance at December 31, 2018		24,579		5,919		(3,834)		2,085
Core deposit intangible resulting from branch acquisition		—		350		—		350
Amortization expense		—		—		(825)		(825)
Balance at December 31, 2019	$	24,579	$	6,269	$	(4,659)	$	1,610

Goodwill represents the excess of the purchase price over the fair value of acquired net assets under the acquisition method of accounting. An adjustment to goodwill was made during 2018 as a result of a revision to the purchase accounting entry during the measurement period.

The value of acquired core deposit relationships was determined using the present value of the difference between a market participant’s cost of obtaining alternative funds and the cost to maintain the acquired deposit base.

The table below summarizes the remaining core deposit intangible amortization (dollars in thousands):


2020	$	628
2021		435
2022		288
2023		147
2024		41
Thereafter		71

	$	1,610