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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets
| December 31 2021 |  | December 31 2020
Balance, January 1 | $ | 151,238 |  |  | $ | 151,238 |
Goodwill acquired | 3,334 |  |  | — |
Balances, December 31 | $ | 154,572 |  |  | $ | 151,238 |
At each reporting date between annual goodwill impairment tests, Horizon considers potential indicators of impairment. Given the current economic uncertainty and volatility surrounding COVID–19, Horizon assessed whether the events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Impairment indicators considered comprised of the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting unit; performance of the Company's stock and other relevant events. Horizon further considered the amount by which fair value exceeded book value in the most recent quantitative analysis and sensitivities performed. At the conclusion of the assessment, the Company determined that as of December 31, 2020 it was more likely than not that the fair value exceeded its carrying values. Horizon will continue to monitor developments regarding the COVID–19 pandemic and measures implemented in response to the pandemic, market capitalization, overall economic conditions and any other triggering events or circumstances that may indicate an impairment of goodwill in the future. No impairment loss was recorded in 2021 or 2020. The Company tested goodwill for impairment during 2021 and 2020. In both valuations, the fair value exceeded the Company’s carrying value, therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10–K. On September 17, 2021, the TCF branch acquisition resulted in goodwill of $3.3 million. As a result of the acquisition of American Trust & Savings Bank in 2010; Heartland in 2012; Summit in 2014; Peoples in 2015; Kosciusko, LaPorte and CNB in 2016; Lafayette and Wolverine in 2017; Salin in 2019; and TCF in 2021; the Company has recorded certain amortizable intangible assets related to core deposit intangibles. These core deposit intangibles are being amortized over seven years to ten years using an accelerated method. Amortizable intangible assets are summarized as follows:
| December 31, 2021 |  | December 31, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortizable intangible assets |  |  |  |  |  |  |
Core deposit intangible | $ | 42,220 |  |  | $ | (21,279) |  |  | $ | 40,590 |  |  | $ | (17,635) |
Amortization expense for intangible assets totaled $3.9 million, $3.8 million, and $3.5 million for the years ended December 31, 2021, 2020 and 2019. Estimated amortization for the years ending December 31 is as follows:
Year |  | Amount
2022 |  | $ | 3,702 |
2023 |  | 3,612 |
2024 |  | 3,403 |
2025 |  | 3,044 |
2026 |  | 2,566 |
Thereafter |  | 4,614 |
|  | $ | 20,941 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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