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Core Deposits and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Core Deposits and Other Intangible Assets Core Deposits and Other Intangible Assets
Activity in our core deposits and other intangible assets was as follows as of and for the years ended December 31,:
Indefinite-Lived AssetsFinite Lived Assets
TradenamesCore Deposits IntangiblesCustomer RelationshipsNon-compete agreementsTotal
2021
Balance, beginning of year$1,800 $6,211 $1,656 $— $9,667 
Amortization— (1,212)(205)— (1,417)
Balance, end of year$1,800 $4,999 $1,451 $— $8,250 
2020
Balance, beginning of year$1,800 $7,578 $524 $— $9,902 
Additions— — 1,250 — 1,250 
Amortization— (1,367)(118)— (1,485)
Balance, end of year$1,800 $6,211 $1,656 $— $9,667 
2019
Balance, beginning of year$1,800 $9,379 $581 $38 $11,798 
Amortization— (1,801)(57)(38)(1,896)
Balance, end of year$1,800 $7,578 $524 $— $9,902 
During June 2020, the Bank entered into an asset purchase agreement in order to acquire certain assets, liabilities and customer contracts (the assets) from another financial institution (the seller). The assets acquired had previously been a part of the investment management and trust administration group that the seller had recently acquired. The transaction was completed on August 31, 2020. The purchase price amounted to $7,019 which was allocated to loans $5,670, other receivables $319, accrued liabilities $220, and customer relationships intangible $1,250. As a result of this transaction, assets under management of the Bank’s wealth management group increased by approximately $900 million.
During the years ended December 31, 2021, 2020 and 2019, there was no indication of impairment of our core deposits and other intangible assets.
Future amortization expense of our core deposits and other intangible assets is as follows:
2022$1,308 
20231,220 
20241,139 
20251,065 
2026997 
Thereafter721 
Total future amortization$6,450