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GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2020
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

 

NOTE 8: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill was $81.0 million at March 31, 2020 and December 31, 2019 and there were no changes in goodwill during the three months ended March 31, 2020 or the year ended December 31, 2019. Based on the results of the Company’s assessment, management does not believe any impairment of goodwill or other intangible assets existed at March 31, 2020 or December 31, 2019. Other intangibles, net of accumulated amortization, were as follows as of the dates shown below:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Weighted-

    

 

    

 

 

    

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

Gross

 

 

 

 

Net

 

 

Amortization

 

Intangible

 

Accumulated

 

Intangible

(Dollars in thousands)

 

Period

 

Assets

 

Amortization

 

Assets

March 31, 2020

 

 

 

 

  

 

 

  

 

 

  

Core deposits

 

3.9 years

 

$

13,750

 

$

(13,069)

 

$

681

Customer relationships

 

8.8 years

 

 

6,629

 

 

(2,762)

 

 

3,867

Servicing assets

 

11.2 years

 

 

341

 

 

(189)

 

 

152

Total other intangible assets, net

 

 

 

$

20,720

 

$

(16,020)

 

$

4,700

December 31, 2019

 

 

 

 

  

 

 

  

 

 

  

Core deposits

 

4.2 years

 

$

13,750

 

$

(12,979)

 

$

771

Customer relationships

 

9.0 years

 

 

6,629

 

 

(2,651)

 

 

3,978

Servicing assets

 

12.8 years

 

 

368

 

 

(179)

 

 

189

Total other intangible assets, net

 

 

 

$

20,747

 

$

(15,809)

 

$

4,938

 

Servicing Assets

Changes in the related servicing assets as of the dates indicated below were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Dollars in thousands)

    

2020

    

2019

Balance at beginning of year

 

$

189

 

$

166

Increase from loan sales

 

 

 9

 

 

14

Decrease from serviced loans paid off or foreclosed

 

 

(26)

 

 

(19)

Amortization

 

 

(20)

 

 

(8)

Balance at end of period

 

$

152

 

$

153