Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETSThe Company reported goodwill of $156.3 million at December 31, 2020 and 2019. The Company recorded $19.8 million in goodwill from the Highlands merger in January 2019. The Company reviews its goodwill and intangible assets annually, on November 30, or more frequently if conditions warrant, for impairment. In testing goodwill for impairment, the Company compares the estimated fair value of its reporting unit to its carrying amount, including goodwill. The Company has determined that it has one reporting unit, Community Banking. At November 30, 2020, the Company evaluated whether it is more likely than not that the fair value of its one reporting unit is less than its carrying amount, including assessing relevant events and circumstances as a result of the impact of COVID-19, and concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount.

Core deposit intangible was $3.3 million on December 31, 2020 compared to $4.3 million on December 31, 2019. The Company recorded core deposit intangible of $3.7 million for the Highlands acquisition. In 2020 and 2019, amortization of core deposit intangible totaled $1.0 million and $1.2 million, respectively. The estimated future amortization expense for each of the succeeding five years ended December 31 is as follows:

(in thousands)
2021	$	868
2022	711
2023	554
2024	425
2025	317