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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9.            GOODWILL AND INTANGIBLE ASSETS

Goodwill

Changes in the Company’s goodwill for the periods indicated are as follows:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2020		​	2019
Balance at beginning of period	​	$	35,466	​	$	14,594
Acquired goodwill	​		3,372	​		20,872
Impairment	​		—	​		—
Balance at end of period	​	$	38,838	​	$	35,466

​

Impairment exists when a reporting unit’s fair value is less than its carrying amount, including goodwill. Due to the adverse and unknown economic impacts resulting from the COVID-19 pandemic, the Company performed a goodwill impairment qualitative assessment during each quarter of 2020 to determine if it is not more likely than not that the fair value of the Company’s reporting unit exceeded its carrying value, including goodwill.

​

As of December 31, 2020 the Company’s qualitative assessment which considered the Company’s continued profitability, positive equity, average community bank merger deal values realized during 2020, net interest margin, allowance for loan loss, and the continued growth in its core deposit portfolio, the Company concluded that the goodwill of the Company’s reporting unit, the Bank, is not more likely than not to be impaired. If adverse economic conditions or the recent decrease in the Company’s stock price and market capitalization as a result of the COVID-19 pandemic were to be deemed sustained rather than temporary, it may significantly affect the fair value of the Company’s goodwill and may require impairment charges. Any impairment charge could have a material adverse effect on the Company’s results of operations and financial condition.

​

Core Deposit Intangible

Changes in the Company’s core deposit intangible for the periods indicated were as follows:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2020		​	2019
Balance at beginning of period	​	$	9,185	​	$	7,205
Additions	​		949	​		3,604
Less amortization	​		(1,832)	​		(1,624)
Balance at end of period	​	$	8,302	​	$	9,185

​

Estimated annual amortization at December 31, 2020 is as follows:

​

​	​	​	​
Year ending December 31,		​
2021	​	$	1,861
2022	​		1,854
2023	​		983
2024	​		983
2025	​	​	896
Thereafter	​		1,725
Total	​	$	8,302

​

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- References

No definition available.

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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

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