GOODWILL AND INTANGIBLE ASSETS

Jul. 01, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS

Goodwill: Goodwill was $18,176 at December 31, 2019 and 2018.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2019, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. Goodwill associated with Midsouth and Civic mergers are not amortizable for book or tax deductible.

Acquired Intangible Assets: As of December 31, 2019 and 2018, the Company had net core deposit intangibles of $448 and $952, respectively. At the time of the acquisition of MidSouth, the Company recorded a core deposit intangible of $3,059, which is being amortized over 8.2 years. Through December 31, 2019, the Company has recognized amortization of $2,726 related to the MidSouth core deposit intangible. At the time of the acquisition of Civic, the Company recorded a core deposit intangible of $558, which is being amortized over 3.2 years. Through December 31, 2019, the Company has recognized amortization of $443 related to the Civic core deposit intangible.

The following table represents acquired intangible assets at December 31, 2019 and 2018:


	2019						2018
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Acquired intangible assets:
Core deposit intangibles	$	3,617	$	(3,169)	$	3,617	$	(2,665)

Aggregate amortization expense was $504, $612 and $473 for 2019, 2018 and 2017, respectively.

The following table presents the estimated remaining amortization expense:


2020	$	304
2021	121
2022	23