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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | Note 12 – Goodwill and Other Intangible Assets The table below summarizes the changes in carrying amounts of goodwill and other intangibles, including core deposit intangibles, for the periods presented:
|  |  |  | Intangibles
(Dollars in thousands) |  | Goodwill |  | Gross |  | Accumulated Amortization |  | Net
Balance at January 1, 2021 |  | $ | 2,350 |  |  | $ | 3,941 |  |  | $ | (1,541) |  |  | $ | 2,400 |
Goodwill and intangibles resulting from Trabian acquisition |  | 1,638 |  |  | 600 |  |  | — |  |  | 600 |
Reduction of intangibles from sale of branches to Summit |  | — |  |  | (721) |  |  | 721 |  |  | — |
Amortization expense |  | — |  |  | — |  |  | (684) |  |  | (684) |
Balance at December 31, 2021 |  | $ | 3,988 |  |  | $ | 3,820 |  |  | $ | (1,504) |  |  | $ | 2,316 |
Balance at January 1, 2020 |  | $ | 19,630 |  |  | $ | 4,226 |  |  | $ | (753) |  |  | $ | 3,473 |
Reduction of goodwill and intangibles from sale of branches to Summit |  | (1,598) |  |  | (845) |  |  | 441 |  |  | (404) |
Intangibles resulting from First State acquisition |  | — |  |  | 560 |  |  | — |  |  | 560 |
Reduction of goodwill from ICM transaction |  | (16,882) |  |  | — |  |  | — |  |  | — |
Goodwill resulting from Paladin acquisition |  | 1,200 |  |  | — |  |  | — |  |  | — |
Amortization expense |  | — |  |  | — |  |  | (1,229) |  |  | (1,229) |
Balance at December 31, 2020 |  | $ | 2,350 |  |  | $ | 3,941 |  |  | $ | (1,541) |  |  | $ | 2,400 |
Balance at January 1, 2019 |  | $ | 18,480 |  |  | $ | 1,006 |  |  | $ | (456) |  |  | $ | 550 |
Goodwill and intangibles resulting from Chartwell acquisition |  | 1,150 |  |  | 3,220 |  |  | — |  |  | 3,220 |
Amortization expense |  | — |  |  | — |  |  | (297) |  |  | (297) |
Balance at December 31, 2019 |  | $ | 19,630 |  |  | $ | 4,226 |  |  | $ | (753) |  |  | $ | 3,473 |
Goodwill represents the excess of the purchase price over the fair value of acquired net assets under the acquisition method of accounting. Intangibles represent the core deposit intangibles from the acquisition of First State in 2020 and the intangibles resulting from the Chartwell and Trabian acquisitions. The value of the acquired core deposit relationships was determined using the present value of the difference between a market participant’s cost of obtaining alternative funds and the cost to maintain the acquired deposit base. The intangibles resulting from the Trabian acquisition are related to their customer relationships and trade name. These items are amortized over four years and ten years, respectively. The core deposit intangibles were being amortized over a ten-year period using an accelerated method. The intangibles resulting from the Chartwell acquisition are related to their customer relationships, backlog, a trademark and a non-competition agreement. These items are amortized over five years, 5.3 years, 15 years and four years, respectively. The table below presents estimated amortization expense for our other intangible assets (dollars in thousands):
2022 |  | $ | 676 |
2023 |  | 597 |
2024 |  | 325 |
2025 |  | 100 |
2026 |  | 87 |
Thereafter |  | 531 |
|  | $ | 2,316 |
Our assessment of qualitative factors determined that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount and therefore, goodwill is not impaired as of December 31, 2021 and 2020. We have not identified any triggering events since the impairment evaluation that would indicate potential impairment. Intangibles, including core deposit intangibles are evaluated for impairment if events and circumstances indicate a potential for impairment. Such an evaluation of other intangible assets is based on undiscounted cash flow projections. No impairment charges were recorded for other intangible assets in any of the periods presented.

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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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