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Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

(8.) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill totaled $67.1 million and $66.1 million as of both September 30, 2021 and December 31, 2020. The Company performs a goodwill impairment test on an annual basis as of October 1st or more frequently if events and circumstances warrant.

 

 

 

Banking

 

 

All Other (1)

 

 

Total

 

Balance, December 31, 2020

 

$

48,536

 

 

$

17,526

 

 

$

66,062

 

Acquisitions

 

 

 

 

 

1,009

 

 

 

1,009

 

Balance, September 30, 2021

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

 

(1) All Other includes the SDN, Courier Capital and HNP Capital reporting units

 

Goodwill and other intangible assets added during the period relates to the acquisition of assets of Landmark, which was completed on February 1, 2021 and the acquisition of assets of North Woods, which was completed on August 2, 2021. See Note 2 – Business Combinations for additional information.

 

Other Intangible Assets

The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Gross carrying amount, accumulated amortization and net book value, were as follows (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Other intangibles assets:

 

 

 

 

 

 

Gross carrying amount

 

$

16,587

 

 

$

15,925

 

Accumulated amortization

 

 

(8,999

)

 

 

(8,198

)

Net book value

 

$

7,588

 

 

$

7,727

 

 

Amortization expense for total other intangible assets was $264 thousand and $801 thousand for the three and nine months ended September 30, 2021, respectively, and $280 thousand and $861 thousand for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, the estimated amortization expense of other intangible assets for the remainder of 2021 and each of the next five years is as follows (in thousands):

 

2021 (remainder of year)

$

260

 

2022

 

985

 

2023

 

910

 

2024

 

838

 

2025

 

766

 

2026

 

694