GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents changes in goodwill for the years ended December 31, 2021 and 2020.


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

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

Balance, end of year	$	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 completes its annual goodwill impairment assessment as of November 30. The Company conducted its last annual goodwill impairment test as of November 30, 2021 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. No changes occurred that would impact the results of that analysis through December 31, 2021.

The following tables present changes in and components of other intangible assets for the years ended December 31, 2021 and 2020.


	2021		2020
Balance, beginning of year	$	5,458	$	7,180



Amortization expense	(1,275)		(1,569)
Impairment	—		(153)
Balance, end of year	$	4,183	$	5,458


	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangibles	$	8,390	$	4,208	$	8,390	$	2,935
Other client relationship intangibles	25		24		25		22

Total	$	8,415	$	4,232	$	8,415	$	2,957

No impairment charge was recorded on other intangible assets during the year ended December 31, 2021. During the year ended December 31, 2020, other client relationship intangibles with a gross carrying amount of $149 thousand were fully

amortized and there was a further reduction of the gross carrying amount of $350 thousand due to the dissolution of Wheatland, which resulted in an impairment charge of $153 thousand.

The following table presents future estimated aggregate amortization expense at December 31, 2021.


2022	$	1,105
2023	935
2024	766
2025	596
2026	427
Thereafter	354
	$	4,183

The Company incurred amortization expense of $1.3 million, $1.6 million and $1.6 million, respectively, in the years ending December 31, 2021, 2020 and 2019.