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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS

Goodwill associated with the Company’s purchases of Cortland in November 2021 and other past acquisitions totaled $94.2 million at December 31, 2021 and $45.8 million at December 31, 2020. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two-step impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a guideline public company method. Results of the assessment indicated no goodwill impairment as of December 31, 2021. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:

	2021					2020
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Other intangible:
Customer relationship intangibles	$	7,210	$	(6,641	)	$	7,210	$	(6,318	)
Non-compete contracts		430		(392	)		430		(388	)
Trade Name		520		(356	)		520		(320	)
Core deposit intangible		12,866		(5,271	)		6,979		(4,271	)
Total	$	21,026	$	(12,660	)	$	15,139	$	(11,297	)

Aggregate intangible amortization expense was $1.4 million for 2021 and $1.3 million for 2020 and 2019.

Estimated amortization expense for each of the next five years and thereafter:

2022	$	1,670
2023		1,198
2024		894
2025		833
2026		741
Thereafter		3,030
Total	$	8,366