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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 8 - GOODWILL AND INTANGIBLE ASSETS There was no change in the carrying amount of goodwill of $76,851 for the year ends December 31, 2019 and December 31, 2018. Management performs an evaluation of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Management performed an evaluation of the Company’s goodwill during the fourth quarter of 2019. Based on this test, management concluded that the Company’s goodwill was not impaired at December 31, 2019. Acquired intangible assets were as follows as of year end.
|  | 2019 |  |  | 2018 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Core deposit intangible assets(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core deposit intangibles |  |  | 14,792 |  |  |  | 8,049 |  |  |  | 6,743 |  |  |  | 14,792 |  |  |  | 7,104 |  |  |  | 7,688 |
Total core deposit intangible assets |  | $ | 14,792 |  |  | $ | 8,049 |  |  | $ | 6,743 |  |  | $ | 14,792 |  |  | $ | 7,104 |  |  | $ | 7,688 |
(1) | Excludes fully amortized core deposit intangible assets
Aggregate core deposit intangible amortization expense was $945, $366 and $586 for 2019, 2018 and 2017, respectively. Activity for mortgage servicing rights (MSRs) and the related valuation allowance follows:
|  | 2019 |  |  | 2018 |
Loan Servicing Rights: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 1,664 |  |  | $ | 743 |
Additions |  |  | 247 |  |  |  | 1,047 |
Disposals |  |  | — |  |  |  | — |
Amortized to expense |  |  | 247 |  |  |  | 126 |
Other Charges |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | 102 |  |  |  | — |
End of year |  | $ | 1,562 |  |  | $ | 1,664 |
Valuation allowance: |  |  |  |  |  |  |  |
Beginning of year |  | $ | — |  |  | $ | — |
Additions expensed |  |  | 102 |  |  |  | — |
Reductions credited to operations |  |  | — |  |  |  | — |
Direct write-offs |  |  | — |  |  |  | — |
End of year |  | $ | 102 |  |  | $ | — |
Aggregate mortgage servicing rights (MSRs) amortization was $247, $126 and $72 for 2019, 2018 and 2017, respectively. NOTE 8 - GOODWILL AND INTANGIBLE ASSETS (Continued) Estimated amortization expense for each of the next five years and thereafter is as follows:
|  | MSRs |  |  | Core deposit intangibles |  |  | Total |
2020 |  | $ | 89 |  |  | $ | 914 |  |  | $ | 1,003 |
2021 |  |  | 89 |  |  |  | 891 |  |  |  | 980 |
2022 |  |  | 88 |  |  |  | 868 |  |  |  | 956 |
2023 |  |  | 87 |  |  |  | 840 |  |  |  | 927 |
2024 |  |  | 86 |  |  |  | 804 |  |  |  | 890 |
Thereafter |  |  | 1,123 |  |  |  | 2,426 |  |  |  | 3,549 |
|  | $ | 1,562 |  |  | $ | 6,743 |  |  | $ | 8,305 |

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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