Note

– Goodwill and Intangible Assets

The following table summarizes the Company’s acquired goodwill and intangible assets as of

March 31, 2020

and

December 31, 2019 (

in thousands):

	March 31 , 2020				December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Goodwill	$	6,252	$	—	$	6,252	$	—
Core deposit intangibles		2,500		64		2,500		—
Outstanding, ending	$	8,752	$	64	$	8,752	$	—

The Company has

$6.3

million of goodwill related to a branch acquisition transaction from

2019.

Goodwill represents the excess of the total purchase price paid over the fair value of the identifiable assets acquired, net of the fair value of the liabilities assumed. Goodwill is

not

amortized but is evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value

may

not

be recoverable. Impairment exists when a reporting unit’s carrying amount exceeds its fair value. Based upon current economic conditions as a result of COVID-

19,

management assessed goodwill for impairment as of

March 31, 2020

and concluded there was

impairment. Goodwill is the only intangible asset with an indefinite life on the balance sheet.

The Company also has a core deposit intangible asset, which is amortized over a weighted average estimated life of the related deposits and is

not

estimated to have a significant residual value. During the

three

months ended

March 31, 2020,

the Company recorded intangible amortization expense totaling

$64,000.

Amortization expense related to the core deposit intangible for the remainder of

2020

and beyond is estimated as follows (in thousands):

	March 31, 2020
April 2020 – December 2020	$	192
2021		256
2022		256
2023		256
2024		256
Thereafter		1,220
	$	2,436