Core Deposits and Other Intangibles

6 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents a summary of intangible assets subject to amortization as of March 31, 2020 and September 30, 2019.


	Core Deposit Intangible		Brand Intangible		Customer Relationships Intangible		Other Intangible		Total
	(dollars in thousands)
As of March 31, 2020
Gross carrying amount	$	7,339	$	—	$	3,172	$	538	$	11,049
Accumulated amortization	(3,933)		—		(122)		(291)		(4,346)
Net intangible assets	$	3,406	$	—	$	3,050	$	247	$	6,703
As of September 30, 2019
Gross carrying amount	$	7,339	$	8,464	$	—	$	538	$	16,341
Accumulated amortization	(3,518)		(6,392)		—		(257)		(10,167)
Net intangible assets	$	3,821	$	2,072	$	—	$	281	$	6,174

Amortization expense of intangible assets were $0.4 million and $0.9 million for the three and six months ended March 31, 2020, respectively, and $0.4 million and $0.8 million for the three and six months ended March 31, 2019, respectively.

In the second quarter of fiscal year 2020, the onset of the COVID-19 pandemic prompted the Company to assess its intangible assets for impairment. The Company believed the brand intangible asset was closely aligned with the goodwill of the Company, which was determined to be impaired as of March 31, 2020. As a result, the Company recognized an intangible asset impairment of $1.8 million for both the three and six months ended March 31, 2020. No intangible asset impairment charge was recognized for the three and six months ended March 31, 2019.

The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in subsequent fiscal years is as follows.


Fiscal year	Amount
	(dollars in thousands)
Remaining in 2020	$	538
2021	1,014
2022	929
2023	831
2024	742
2025 and thereafter	2,649
Total	$	6,703