Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Other Intangible Assets [Abstract]

Gross Carrying Value and Accumulated Amortization of Intangible Assets

The following table provides the gross carrying value and accumulated amortization of intangible assets as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020							December 31, 2019
	Gross carrying value		Accumulated amortization			Net carrying value		Gross carrying value		Accumulated amortization			Net carrying value
Amortized intangible assets (1):
MSRs	$	2,058	$	(1,220	)	$	838	$	1,718	$	(1,077	)	$	641
Core deposit intangibles		1,943		(1,243	)		700		1,786		(1,081	)		705
Covenant not to compete		125		(125	)		-		125		(125	)		-
Total amortized intangible assets	$	4,126	$	(2,588	)	$	1,538	$	3,629	$	(2,283	)	$	1,346
Unamortized intangible assets:
Goodwill	$	31,376						$	23,296

(1) Excludes fully amortized intangible assets

Future Amortization Expense for Amortized Intangible Assets

The following table provides the current year and estimated future amortization expense for amortized intangible assets for the next five years (in thousands). We based our projections of amortization expense shown below on existing asset balances at September 30, 2020. Future amortization expense may vary from these projections:

	MSRs		Core deposit intangibles		Covenant not to compete		Total
Three months ended September 30, 2020 (actual)	$	46	$	57	$	-	$	103
Nine months ended September 30, 2020 (actual)		144		162		-		306
Three months ended September 30, 2019 (actual)		44		58		8		110
Nine months ended September 30, 2019 (actual)		138		174		24		336
Estimate for year ending December 31,
Remaining 2020		60		55		-		115
2021		213		192		-		405
2022		168		156		-		324
2023		130		121		-		251
2024		98		85		-		183
Thereafter		169		91		-		260
Total	$	838	$	700	$	-	$	1,538