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GOODWILL AND OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

10. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Information related to the core deposit intangibles is as follows:

​

​	​	​	​	​	​	​
(In Thousands)		December 31,
​		2020		​	2019
Gross amount	​	$	6,639	​	$	3,495
Accumulated amortization	​		(2,788)	​		(2,248)
Net	​	$	3,851	​	$	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)	​	Year Ended
​	​	December 31,		​	December 31,
​	​	2020		​	2019
Amortization expense	​	$	540	​	$	223

​

In 2020, amortization expense included $292,000 related to the Covenant acquisition and $248,000 related to the Monument acquisition as described in Note 3. In 2019, amortization expense included $214,000 related to the Monument acquisition and $9,000 related to a previous acquisition. The amount of amortization expense to be recognized in each of the ensuing five years is as follows:

​

​	​	​	​
(In Thousands)		​
2021	​	$	535
2022	​		439
2023	​		408
2024	​		390
2025	​		424

​

​

Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired. Changes in the carrying amount of goodwill are summarized in the following table:

​

​	​	​	​	​	​
(In Thousands)	Year Ended
​	December 31,		​	December 31,
​	2020		​	2019
Balance, beginning of period	$	28,388	​	$	11,942
Goodwill arising in business combination	​	24,117	​	​	16,446
Balance, end of period	$	52,505	​	$	28,388

​

In testing goodwill for impairment at December 31, 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 amount. Accordingly, there was no goodwill impairment at December 31, 2020.

There were no goodwill impairment charges recorded in the years ended December 31, 2020 and 2019.

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- References

No definition available.

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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

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