Note 9 - Goodwill and Other Intangible Assets -

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note

9

- Goodwill and Other Intangible Assets –

Goodwill was acquired in acquisitions during the years ended

December 31, 2018

and

December 31, 2015,

respectively, as a result of business combinations. The carrying amount of goodwill as of

December 31, 2019

and

2018

was

$48.5

million and

$49.5

million, respectively. The reduction of

$1.0

million in goodwill was the result of a branch sale in

2019.

The

$1.0

million was recognized as a reduction of the gain on sale. The Company performed the required annual goodwill impairment test as of

December 31, 2019.

The Company’s annual test did

not

indicate any impairment.

Core deposit intangibles were acquired in conjunction with the business combinations. A summary of the core deposit intangible asset as of

December 31, 2019

and

2018

is as follows:

	2019			2018
	(Dollars in thousands)
Gross Carrying Amount	$	9,203		$	2,762
Acquisitions		-			6,441
Adjustment for Sale of Branch		(286	)		-
Less: Accumulated Amortization		(2,223	)		(1,318	)
Net Carrying Amount	$	6,694		$	7,885

Amortization expense on the core deposit intangible asset totaled approximately

$905,000,

$559,000

and

$276,000

during the years ended

December 31, 2019,

2018

and

2017,

respectively. The following table presents the estimated aggregate amortization expense for the periods indicated:

December 31,
	(Dollars in thousands)
2020	$	890
2021		890
2022		890
2023		890
2024		890
Thereafter		2,244
Total Core Deposit Intangible	$	6,694