GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets are presented in the tables below.


(dollars in thousands)	As of March 31, 2020		As of December 31, 2019
Goodwill	$	10,835	$	10,835


	As of March 31, 2020										As of December 31, 2019
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets		Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets
Core deposit intangible	$	3,590	$	(1,629)	$	1,961	$	3,590	$	(1,472)	$	2,118

The estimated aggregate future amortization expense for intangible assets remaining as of March 31, 2020 is as follows:


(dollars in thousands)
Remainder of 2020	$	434
2021	495
2022	398
2023	302
2024	205
Thereafter	127
	$	1,961

As of March 31, 2020, the Company did not have impairment to goodwill or core deposit intangibles ("CDI"). At March 31, 2020 we had goodwill of $10.8 million or 5.85% of equity and CDI of $2.0 million or 1.06% of equity.

Management concluded that COVID-19 created a triggering event and opted to perform a qualitative analysis to determine if a quantitative calculation of impairment should be considered. Based on the qualitative analysis, management concluded that it is not more likely than not that goodwill and CDI were impaired. It is possible that the length and severity of the COVID-19 crisis could cause the Company's goodwill or CDI to be impaired in future periods due to a sustained decline in the Company's stock price or other financial or qualitative measures. If management's assessment of the triggering event results in an impairment charge it would be recorded in that quarter. In the event that the Company concludes that all or a portion of its goodwill and CDI are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital.