GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

7.GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

A progression of the balance for goodwill follows:

Years Ended December 31,  (in thousands)	2019		2018		2017
Beginning of period	$	16,300	$	16,300	$	16,300
Acquired goodwill		—		—		—
Impairment		—		—		—
End of period	$	16,300	$	16,300	$	16,300

The goodwill balance relates entirely to the Company’s Traditional Banking operations.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2019 and 2018, the Company’s Traditional Banking reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting unit exceeded its fair value. Therefore, the Company did not complete the two-step impairment test as of December 31, 2019, 2018, and 2017.  

The Company recorded a $1 million core deposit intangible asset in association with its May 17, 2016 Cornerstone acquisition. For the years ending December 31, 2019, 2018 and 2017, aggregate CDI amortization expense was immaterial to the Company’s financial statements.