Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2021

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 December 31, 2021		As of December 31, 2020
Goodwill	$	10,835	$	10,835

	As of December 31, 2021						As of December 31, 2020
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Core deposit intangibles	$	3,590	$	(2,558)	$	1,032	$	3,590	$	(2,063)	$	1,527

Core deposit intangible is amortized on an accelerated basis over its estimated life of 8 years. Amortization expense related to intangible assets totaled $0.5 million and $0.6 million for the years ended December 31, 2021 and 2020.

The estimated future amortization expense for intangible assets remaining as of December 31, 2021 is as follows:

(dollars in thousands)
2022	$	398
2023	302
2024	205
2025	109
2026	18
	$	1,032

As of December 31, 2021, the Company did not have impairment to goodwill or CDI.

In the third quarter of 2020, management determined that the COVID-19 pandemic and its impact on the banking industry was deemed a triggering event that required an interim impairment test for goodwill. Management engaged an independent consultant to perform a quantitative goodwill and CDI impairment analysis for the Company's single reporting unit, the Bank, as of September 15, 2020 ("the measurement date"). The impairment analysis used both market and income approaches. The market approach used a transaction and control premium analyses and compared resulting valuations both individually and to a selected peer group. The income approach analyzed discounted cash flows. The results of the methods were weighted to determine an overall value. Significant estimates and assumptions included, but were not limited to, projected profitability ratios, discount rates, cash flows projections, selection and evaluation of control premiums in appropriate market transactions and selection of peers.

Management performed its annual analysis of goodwill and CDI during the fourth quarter of 2021 and concluded that there was no impairment at December 31, 2021.