Goodwill And Other Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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 third quarter 2021, we performed the qualitative assessment of goodwill and determined that the fair value was more likely than not greater than its carrying value. In performing the qualitative assessment, we considered certain events, and circumstances such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value is less than the carrying value. No indicators of impairment were noted as of September 30, 2021.

The following tables present our goodwill activity for the quarter ending September 30, 2021 and the balance of other intangible assets at September 30, 2021 and December 31, 2020.

Dollars in thousands	Goodwill Activity
Balance, January 1, 2021	$	45,495
Reclassifications from goodwill	(479)
Acquired goodwill	10,331
Balance, September 30, 2021	$	55,347

	Other Intangible Assets
Dollars in thousands	September 30, 2021		December 31, 2020
Identifiable intangible assets
Gross carrying amount	$	15,828	$	15,650
Less: accumulated amortization	(7,198)		(6,022)
Net carrying amount	$	8,630	$	9,628

We recorded amortization expense of $390,000 and $1,176,000 for the three and nine months ended September 30, 2021 and $412,000 and $1,251,000 for the three and nine months ended September 30, 2020, 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
Three month period ending December 31, 2021	$	388
Year ending December 31, 2022	1,440
Year ending December 31, 2023	1,299
Year ending December 31, 2024	1,158
Year ending December 31, 2025	1,019
Thereafter	3,256