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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the years ended December 31, 2020 and December 31, 2019 is as follows:
| December 31, 2020 |  | December 31, 2019
Balance, beginning of year | $ | 38,730 |  |  | $ | 38,730 |
Acquired during the year | 5,019 |  |  | 0 |
Balance, end of year | $ | 43,749 |  |  | $ | 38,730 |
Impairment exists when a reporting unit's carrying value of goodwill exceeds its fair value. Goodwill is evaluated for impairment on an annual basis as of December 31 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. The Corporation engaged a third party to perform a quantitative analysis of its goodwill at June 30, 2020 due to the on-going economic market disruption caused by the COVID-19 pandemic and the resultant impact on the Corporation's stock price. In addition, interim qualitative analyses were performed as of March 31, 2020 and September 30, 2020 as a result of COVID-19 and for the annual impairment analysis at December 31, 2020. The results of the quantitative analysis and the qualitative analyses did not indicate the Corporation's goodwill was impaired. Intangible Assets In connection with its acquisition of FC Banc Corp. in 2013, the Corporation recorded a core deposit intangible asset of $4,834. During the years ended December 31, 2020, December 31, 2019, and December 31, 2018, the Corporation recorded amortization expense of $94, $316 and $489, respectively. The net carrying values at December 31, 2020 and December 31, 2019 were $0 and $94, respectively. No other intangible assets were required to be recorded in connection with the acquisition of FC Banc Corp. In connection with its acquisition of Lake National Bank in 2016, the Corporation recorded a core deposit intangible asset of $1,583. During the year ended December 31, 2020, December 31, 2019, and December 31, 2018, the Corporation recorded amortization expense of $66, $251, and $409, respectively. The net carrying values at December 31, 2020 and December 31, 2019 were $0 and $66, respectively. No other intangible assets were required to be recorded in connection with the acquisition of Lake National Bank. In connection with its acquisition of Bank of Akron in 2020, the Corporation recorded a core deposit intangible asset of $613. During the year ended December 31, 2020, the Corporation recorded amortization expense of $46. The net carrying value at December 31, 2020 was $567. No other intangible assets were required to be recorded in connection with the acquisition of Bank of Akron. Estimated amortization expense of core deposit intangible assets for each of the next five years is as follows:
2021 | $ | 107 |
2022 | 96 |
2023 | 85 |
2024 | 73 |
2025 | 62 |
Thereafter | 144 |
| $ | 567 |

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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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