Goodwill And Other Intangible Assets

6 Months Ended

Jun. 30, 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 June 30, 2020 and the balance of other intangible assets at June 30, 2020 and December 31, 2019.



Dollars in thousands	Goodwill Activity
Balance, January 1, 2020	$	12,658
Acquired goodwill	25,488
Balance, June 30, 2020	$	38,146



	Other Intangible Assets
Dollars in thousands	June 30, 2020			December 31, 2019
Identifiable intangible assets
Gross carrying amount	$	15,569		$	14,727
Less: accumulated amortization	(5,202		)	(4,363		)
Net carrying amount	$	10,367		$	10,364

We recorded amortization expense of $410,000 and $839,000 for the three and six months ended June 30, 2020 and $420,000 and $897,000 for the three and six months ended June 30, 2019, 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
Six month period ending December 31, 2020	$	820
Year ending December 31, 2021	1,532
Year ending December 31, 2022	1,396
Year ending December 31, 2023	1,260
Year ending December 31, 2024	1,124
Thereafter	4,165