GOODWILL AND OTHER INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

At March 31, 2020 and December 31, 2019, we had goodwill of $37.1 million. We evaluate goodwill impairment as of August 31 each year, and more frequently if events or circumstances indicate that there may be impairment. We completed our most recent annual goodwill impairment test as of August 31, 2019 and determined that no goodwill impairment existed. In the first quarter 2020, due to the observed market volatility resulting from the COVID-19 pandemic, we analyzed indicators related to potential goodwill impairment. Based on this analysis, we did not identify any impairment to goodwill in the first quarter 2020, although there can be no assurance that prolonged market volatility resulting from the COVID-19 pandemic or other factors will not result in impairments to goodwill or other intangibles in future periods.

Core deposit intangibles are amortized over their useful lives ranging from four to ten years. As of March 31, 2020, the weighted average remaining amortization period for core deposit intangibles was approximately 4.5 years.



($ in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
March 31, 2020
Core deposit intangibles	$	30,904	$	27,182	$	3,722
December 31, 2019
Core deposit intangibles	$	30,904	$	26,753	$	4,151

Aggregate amortization of intangible assets was $429 thousand and $620 thousand for the three months ended March 31, 2020 and 2019. The following table presents estimated future amortization expenses as of March 31, 2020:



($ in thousands)	Remainder of 2020		2021		2022		2023		2024		Total
Estimated future amortization expense	$	1,089	$	1,082	$	799	$	517	$	235	$	3,722