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Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2020

Goodwill and Other Intangibles [Abstract]

Note 7 – Goodwill and Other Intangibles

Due to the COVID-19 pandemic and its impact on market conditions, the Company performed a qualitative assessment of goodwill as of September 30, 2020. As a result of management’s qualitative evaluation of relevant events and circumstances as of September 30, 2020, the Company concluded that it was not more likely than not that fair value was less than carrying value. In addition, the Company will complete a full annual assessment of goodwill in the fourth quarter of 2020. Changes in the economic environment, operations, or other adverse events could result in future impairment charges which could have a material adverse impact on the Company's operating results. The following table provides information on the significant components of goodwill and other acquired intangible assets at September 30, 2020 and December 31, 2019.

September 30, 2020

Weighted

Gross

Accumulated

Net

Average

Carrying

Impairment

Accumulated

Carrying

Remaining Life

(Dollars in thousands)

Amount

Charges

Amortization

Amount

(in years)

Goodwill

19,728

(1,543)

(667)

17,518

—

Other intangible assets

Amortizable

Core deposit intangible

3,954

—

(2,110)

1,844

4.7

Total other intangible assets

3,954

—

(2,110)

1,844


December 31, 2019
									Weighted
	Gross			Accumulated			Net		Average
	Carrying		Impairment			Accumulated	Carrying		Remaining Life
(Dollars in thousands)	Amount		Charges			Amortization	Amount		(in years)

Goodwill	$	19,728	$	(1,543)	$	(667)	$	17,518		—

Other intangible assets
Amortizable
Core deposit intangible	$	3,954	$	—	$	(1,702)	$	2,252		5.7
Total other intangible assets	$	3,954	$	—	$	(1,702)	$	2,252

The aggregate amortization expense included in continuing operations was $407 thousand for the nine months ended September 30, 2020 and $461 thousand for the nine months ended September 30, 2019.

At September 30, 2020, estimated future remaining amortization for amortizing intangibles within the years ending December 31, is as follows:


(Dollars in thousands)	Amortization Expense
2020	$	126
2021		461
2022		389
2023		317
2024		246
2025		174
Thereafter		131
Total amortizing intangible assets	$	1,844