Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2020

Goodwill and Other Intangibles [Abstract]

7.	Goodwill and Other Intangibles

The following table summarizes intangible assets, net of amortization:

	September 30, 2020				December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)

Amortized intangible assets - core deposits	$	11,916	$	7,355	$	11,916	$	6,590
Unamortized intangible assets - goodwill	$	28,300			$	28,300

We performed our required annual goodwill impairment test as of December 31, 2019 and there was no impairment. Since the first quarter of 2020 bank stocks in general as well as our market capitalization have declined as a result of events surrounding the current COVID-19 pandemic outbreak. As a result, we completed a qualitative goodwill impairment test as of March 31, 2020, June 30, 2020 and September 30, 2020. This qualitative analysis included a review of our earnings and asset quality trends as well as capital levels and the economic conditions of our markets. In addition, this qualitative analysis looked at merger and acquisition analytics for banks in general . Finally, our common stock traded over book value for several days during the second quarter. Based on this qualitative analysis we do not believe this decline is indicative of a permanent deterioration of the fundamental value of our bank. As such we do not believe that it is more likely than not goodwill impairment exists at September 30, 2020. See note 13, Contingencies, for additional information on COVID-19 and its potential impact to us.

A summary of estimated core deposit intangible amortization at September 30, 2020 follows:

	(In thousands)

Three months ending December 31, 2020	$	255
2021		970
2022		785
2023		547
2024		516
2025 and thereafter		1,488
Total	$	4,561