GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents changes in goodwill for the six months ended June 30, 2021 and 2020:


	June 30, 2021		June 30, 2020
Balance, beginning of year	$	18,724	$	19,925

Adjustments to acquired goodwill (1)	—		(1,201)

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

(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.

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 June 30, 2021.

The following table presents changes in other intangible assets for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Beginning of period	$	5,124	$	6,717	$	5,458	$	7,180



Amortization expense	(324)		(404)		(658)		(867)
Impairment	—		(153)		—		(153)
Balance, end of period	$	4,800	$	6,160	$	4,800	$	6,160

No impairment charges were recorded in the three and six months ended June 30, 2021.During the six months ended June 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.

The following table presents the components of other identifiable intangible assets at June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangibles	$	8,390	$	3,592	$	8,390	$	2,935
Other customer relationship intangibles	25		23		25		22

Total	$	8,415	$	3,615	$	8,415	$	2,957

The following table presents future estimated aggregate amortization expense for intangible assets remaining at June 30, 2021:



Remainder of 2021	$	617
2022	1,105
2023	935
2024	766
2025	596
Thereafter	781
	$	4,800