Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

In accordance with ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, during first quarter 2020, we evaluated recent potential triggering events that might be indicators that our goodwill was impaired. The events include, among others, the economic disruption and uncertainty surrounding the COVID-19 pandemic. We performed Step 1 of the goodwill impairment test and determined that there were no indicators of impairment noted as of March 31, 2020.

The following tables present our goodwill activity for the quarter ending March 31, 2020 and the balance of other intangible assets at March 31, 2020 and December 31, 2019.



Dollars in thousands	Goodwill Activity
Balance, January 1, 2020	$	12,658
Acquired goodwill	10,822
Balance, March 31, 2020	$	23,480



	Other Intangible Assets
Dollars in thousands	March 31, 2020			December 31, 2019
Identifiable intangible assets
Gross carrying amount	$	15,444		$	14,727
Less: accumulated amortization	(4,792		)	(4,363		)
Net carrying amount	$	10,652		$	10,364

We recorded amortization expense of $429,000 and $476,000 for the three months ended March 31, 2020 and 2019, respectively, relative to our identifiable intangible assets.

Amortization relative to our identifiable intangible assets is expected to approximate the following during the next five years and thereafter:



	Core Deposit
Dollars in thousands	Intangible
Nine month period ending December 31, 2020	$	1,215
Year ending December 31, 2021	1,511
Year ending December 31, 2022	1,377
Year ending December 31, 2023	1,243
Year ending December 31, 2024	1,110
Thereafter	4,126