GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents changes in goodwill at September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
Balance, beginning of year	$	19,925	$	12,592
Acquired goodwill	—		7,029
Adjustments to acquired goodwill (1)	(1,201)		304

Balance, end of period	$	18,724	$	19,925

(1) The Company finalized its purchase accounting adjustments associated with Hamilton as of May 1, 2020.

Goodwill is not amortized but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit.

Due to the severe economic impact of COVID-19 and a resulting sustained decline in the Company's market value below book value, management performed a quantitative Step 1 impairment analysis of its goodwill to determine whether the Company's goodwill was impaired as of August 31, 2020. This analysis, which was performed in accordance with ASU 2017-04, Intangibles-Goodwill and Other, considered several factors, such as future cash flow projections and estimated market acquisition premiums in its analysis. In performing the analysis, management made several assumptions with respect to future operating performance, economic and market conditions and various others, many of which require significant judgment. The analysis performed and the related assumptions reflect the best currently available estimates and judgements regarding future performance of the Company. It was concluded that no impairment existed at August 31, 2020 as the calculated fair value of the reporting unit exceeded its book value. No changes occurred that would impact the results of that analysis through September 30, 2020.

The following table presents changes in other intangible assets for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning of period	$	6,160	$	8,140	$	7,180	$	3,910
Acquired CDI	—		—		—		4,550

Non-compete agreement	—		—		—		290
Amortization Expense	(357)		(486)		(1,224)		(1,096)
Impairment	—		—		(153)		—
Balance, end of period	$	5,803	$	7,654	$	5,803	$	7,654

During the nine months ended September 30, 2020, the Company recorded an impairment charge of $153 thousand for the full remaining balance attributable to a customer list intangible asset due to the dissolution of Wheatland Advisors, Inc. in the three months ended September 30, 2020. No impairment charges were recorded in the nine months ended September 30, 2019.

The following table presents the components of other identifiable intangible assets at September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangibles	$	8,390	$	2,590	$	8,390	$	1,493
Other customer relationship intangibles	25		22		524		338
Non-compete agreement	—		—		290		193
Total	$	8,415	$	2,612	$	9,204	$	2,024

The following table presents future estimated aggregate amortization expense for intangible assets remaining at September 30, 2020:



Remainder of 2020	$	345
2021	1,275
2022	1,105
2023	935
2024	766
Thereafter	1,377
	$	5,803