GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

We evaluated goodwill for impairment during the three months ended September 30, 2019 due to the decline in stock price during the third quarter which indicated to the Company that impairment could exist. Based on our assessment at September 30, 2019, the carrying value exceeded the estimated fair value of the reporting unit and thus we did not record an impairment of goodwill during the three months ended September 30, 2019. The carrying value exceeded the estimated fair value of the reporting unit by less than five percent. For purposes of the goodwill impairment assessment, the Company as a whole is considered the reporting unit. The fair value of the reporting unit is estimated under a market based approach using the fair value of the Company's common stock. The estimated fair value requires significant judgments, including timing and appropriateness of the price of common stock used (e.g. point-in-time application, simple moving average, exponential moving average, etc.) as well as application of an estimated control premium. The estimated control premium is based on review of current and past market information published by a third-party resource. In accordance with historical practice, the Company anticipates performing its annual assessment of goodwill during the fourth quarter of 2019. We can provide no assurance that the Company's carrying value will continue to exceed the estimated fair value for any future period. A continued declining trend in the price of the Company's common stock will likely result in some impairment to goodwill.

Intangible Assets

Amortizable intangible assets at September 30, 2019 related primarily to customer relationships that resulted from our acquisition of Amcom Software, Inc. in 2011. Such intangibles are being amortized over a period of ten years.

The net consolidated balance of intangible assets consisted of the following at September 30, 2019:



(Dollars in thousands)	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Balance
Customer relationships	10	$	25,002	$	(21,460	)	$	3,542

Estimated amortization of intangible assets for future periods was as follows:



	(Dollars in thousands)
For the remaining three months ending December 31, 2019	$	625
For the year ending December 31:
2020	2,500
2021	417
Total amortizable intangible assets	$	3,542