Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets:

Goodwill associated with the Company’s acquisition of Cortland in November 2021 and other past acquisitions totaled $94.2 million at June 30, 2022 and December 31, 2021. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a guideline public company method. Results of the assessment indicated no goodwill impairment as of September 30, 2021. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:


	June 30, 2022					December 31, 2021
(In Thousands of Dollars)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationship intangibles	$	7,210	$	(6,716	)	$	7,210	$	(6,641	)
Non-compete contracts		430		(395	)		430		(392	)
Trade name		520		(373	)		520		(356	)
Core deposit intangible		12,866		(6,015	)		12,866		(5,271	)
Total	$	21,026	$	(13,499	)	$	21,026	$	(12,660	)

Aggregate amortization expense was $419 thousand and $839 thousand for the three and six month periods ended June 30, 2022. Amortization expense was $316 thousand and $632 thousand for the three and six month periods ended June 30, 2021.

Estimated amortization expense for each of the next five periods and thereafter:


2022 (6 months)	$	831
2023		1,198
2024		894
2025		833
2026		741
Thereafter		3,030
Total	$	7,527