GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2020

GOODWILL AND OTHER INTANGIBLES [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 7 – GOODWILL AND OTHER INTANGIBLES

Intangible assets, net of amortization, at December 31 follows:

	2020				2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Amortized intangible assets - core deposits	$	11,916	$	7,610	$	11,916	$	6,590
Unamortized intangible assets - goodwill	$	28,300			$	28,300

At December 31, 2020, the Bank (our reporting unit) had positive equity and we elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the Bank exceeds its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the Bank exceeded its carrying value, resulting in no impairment.

Intangible amortization expense was $1.0 million, $1.1 million and $1.0 million during the years ended 2020, 2019 and 2018, respectively.

A summary of estimated core deposit intangible amortization at December 31, 2020, follows:

	(In thousands)
2021	$	970
2022		785
2023		547
2024		516
2025		487
2026 and thereafter		1,001
Total	$	4,306