GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

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

(dollars in thousands)	As of September 30, 2020		As of December 31, 2019
Goodwill	$	10,835	$	10,835

	As of September 30, 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	$	(1,924)	$	1,666	$	3,590	$	(1,472)	$	2,118

The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2020 is as follows:

(dollars in thousands)
Remainder of 2020	$	139
2021	495
2022	398
2023	302
2024	205
Thereafter	127
	$	1,666

As of September 30, 2020, the Company did not have impairment to goodwill or core deposit intangibles ("CDI"). At September 30, 2020 we had goodwill of $10.8 million or 5.62% of equity and CDI of $1.7 million or 0.86% of equity.

It is the Bank’s policy to test goodwill and the CDI for impairment annually in during the fourth quarter. Due to COVID-19 and its impact on the banking industry, management performed its annual impairment analysis as of September 15, 2020 ("the measurement date") with the assistance of an independent consultant. Management concluded that both goodwill and CDI were not impaired as of the measurement date. As there were no changes in the Company's financial statements or operations that would indicate that it was more likely than not that goodwill or CDI was impaired subsequent to the measurement date, management concluded that neither goodwill nor CDI was impaired as of September 30, 2020.

It is possible that the length and severity of the COVID-19 crisis could cause the Company's goodwill or CDI to become 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 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.