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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2020
GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS | 8. GOODWILL AND OTHER INTANGIBLE ASSETS Information related to core deposit intangibles, net are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | June 30, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Gross amount | ​ | $ | 3,495 | ​ | $ | 3,495
Accumulated amortization | ​ |  | (2,372) | ​ |  | (2,248)
Net | ​ | $ | 1,123 | ​ | $ | 1,247
​ Amortization expense related to core deposit intangibles is included in other noninterest expense in the consolidated statements of income, as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | 3 Months Ended | ​ | 6 Months Ended
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amortization expense | ​ | $ | 62 |  | $ | 73 |  | $ | 124 |  | $ | 75
​ Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired. At June 30, 2020 and December 31, 2019, the carrying value of goodwill is $28,388,000. Goodwill is tested at least annually at December 31 for impairment, or more often if events or circumstances indicate there may be impairment. In 2020, the COVID-19 pandemic led to government-imposed emergency restrictions that substantially limited the operation of non-essential businesses and the activities of individuals. These restrictions had significant adverse effects on macroeconomic conditions. After a period when the virus appeared to have subsided in Pennsylvania and throughout many parts of the US, the number of cases and mortality levels have increased in recent weeks. Broader US stock market valuations decreased significantly in the latter part of the first quarter and early second quarter 2020 but more recently have bounced back to levels consistent with pre-COVID-19 conditions. Bank stock valuations have lagged, reflecting market concerns about potential credit losses and the effects of a substantial drop in interest rates. The ultimate effect of COVID-19 on the local or broader economy is not known nor is the ultimate length of the restrictions described and any accompanying effects. In light of the adverse circumstances resulting from COVID-19, management determined it necessary to evaluate goodwill for impairment at June 30, 2020. The average closing price (trading price) of the Corporation’s common stock was $20.24 per share for the month of June 2020, down from an average closing price of $26.05 in the fourth quarter 2019. The average closing price for the last 10 trading days of the second quarter 2020 (June 17 through June 30, 2020) was $20.14 per share. In comparison, the book value per share of the Corporation’s common stock at June 30, 2020 was $18.53 per share. In testing goodwill for impairment as of June 30, 2020, the Corporation by-passed performing a qualitative assessment and performed a quantitative assessment based on comparison of the Corporation’s market capitalization to its stockholders’ equity, resulting in the determination that the fair value of its reporting unit, its community banking operation, exceeded its carrying value. Accordingly, there was no goodwill impairment at June 30, 2020.

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- Definition The entire disclosure for all or part of the information related to 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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