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GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents changes in goodwill for the three months ended March 31, 2021 and 2020:
| March 31, 2021 |  | March 31, 2020
Balance, beginning of year | $ | 18,724 |  |  | $ | 19,925 |
Adjustments to acquired goodwill | — |  |  | 217 |
Balance, end of period | $ | 18,724 |  |  | $ | 20,142 |
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. The Company typically completes its annual goodwill impairment assessment as of November 30. 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 required significant judgment. The analysis performed and the related assumptions reflected 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 have occurred that would impact the results of that analysis through March 31, 2021. The following table presents changes in other intangible assets for the three months ended March 31, 2021 and 2020:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
Beginning of period |  |  |  |  | $ | 5,458 |  |  | $ | 7,180 |
Amortization expense |  |  |  |  | (334) |  |  | (463) |
Balance, end of period |  |  |  |  | $ | 5,124 |  |  | $ | 6,717 |
The following table presents the components of other identifiable intangible assets at March 31, 2021 and December 31, 2020:
| March 31, 2021 |  | December 31, 2020
| Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Core deposit intangibles | $ | 8,390 |  |  | $ | 3,269 |  |  | $ | 8,390 |  |  | $ | 2,935 |
Other customer relationship intangibles | 25 |  |  | 22 |  |  | 25 |  |  | 22 |
Total | $ | 8,415 |  |  | $ | 3,291 |  |  | $ | 8,415 |  |  | $ | 2,957 |
The following table presents future estimated aggregate amortization expense for intangible assets remaining at March 31, 2021:
2021 | $ | 941 |
2022 | 1,105 |
2023 | 935 |
2024 | 766 |
2025 | 596 |
Thereafter | 781 |
| $ | 5,124 |

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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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