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GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

GOODWILL AND OTHER INTANGIBLE ASSETS

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,
	2021		2020
Gross amount	$	6,639	$	6,639
Accumulated amortization		(3,323)		(2,788)
Net	$	3,316	$	3,851

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,
	2021		2020
Amortization expense	$	535	$	540

The amount of amortization expense to be recognized in each of the ensuing five years is as follows:


(In Thousands)
2022	$	439
2023		408
2024		390
2025		424
2026		396

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,
	2021		2020
Balance, beginning of period	$	52,505	$	28,388
Goodwill arising in business combination		0		24,117
Balance, end of period	$	52,505	$	52,505

In testing goodwill for impairment at December 31, 2021, 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, 2021.

There were no goodwill impairment charges recorded in the years ended December 31, 2021 and 2020.