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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill associated with the Company’s acquisition of Cortland in November 2021 and other past acquisitions totaled $94.2 million at June 30, 2022 and December 31, 2021. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an 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 September 30, 2021. The Company will continue to monitor its goodwill for possible impairment. Acquired Intangible Assets Acquired intangible assets were as follows:
| June 30, 2022 |  |  | December 31, 2021 |
(In Thousands of Dollars) | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles | $ | 7,210 |  |  | $ | (6,716 | ) |  | $ | 7,210 |  |  | $ | (6,641 | )
Non-compete contracts |  | 430 |  |  |  | (395 | ) |  |  | 430 |  |  |  | (392 | )
Trade name |  | 520 |  |  |  | (373 | ) |  |  | 520 |  |  |  | (356 | )
Core deposit intangible |  | 12,866 |  |  |  | (6,015 | ) |  |  | 12,866 |  |  |  | (5,271 | )
Total | $ | 21,026 |  |  | $ | (13,499 | ) |  | $ | 21,026 |  |  | $ | (12,660 | )
Aggregate amortization expense was $419 thousand and $839 thousand for the three and six month periods ended June 30, 2022. Amortization expense was $316 thousand and $632 thousand for the three and six month periods ended June 30, 2021. Estimated amortization expense for each of the next five periods and thereafter:
2022 (6 months) | $ | 831 |
2023 |  | 1,198 |
2024 |  | 894 |
2025 |  | 833 |
2026 |  | 741 |
Thereafter |  | 3,030 |
Total | $ | 7,527 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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