Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Other Intangible Assets [Abstract]

Note 6 – Goodwill and Other Intangible Assets

The following table provides the gross carrying value and accumulated amortization of intangible assets as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020							December 31, 2019
	Gross carrying value		Accumulated amortization			Net carrying value		Gross carrying value		Accumulated amortization			Net carrying value
Amortized intangible assets (1):
MSRs	$	1,838	$	(1,174	)	$	664	$	1,718	$	(1,077	)	$	641
Core deposit intangibles		1,943		(1,186	)		757		1,786		(1,081	)		705
Covenant not to compete		125		(125	)		-		125		(125	)		-
Total amortized intangible assets	$	3,906	$	(2,485	)	$	1,421	$	3,629	$	(2,283	)	$	1,346
Unamortized intangible assets:
Goodwill	$	31,376						$	23,296

(1) Excludes fully amortized intangible assets

The following table provides the current year and estimated future amortization expense for amortized intangible assets for the next five years (in thousands). We based our projections of amortization expense shown below on existing asset balances at June 30, 2020. Future amortization expense may vary from these projections:

	MSRs		Core deposit intangibles		Covenant not to compete		Total
Three months ended June 30, 2020 (actual)	$	49	$	55	$	-	$	104
Six months ended June 30, 2020 (actual)		97		105		-		202
Three months ended June 30, 2019 (actual)		46		58		8		112
Six months ended June 30, 2019 (actual)		94		116		16		226
Estimate for year ending December 31,
Remaining 2020		98		112		-		210
2021		165		192		-		357
2022		128		156		-		284
2023		97		121		-		218
2024		71		85		-		156
Thereafter		105		91		-		196
Total	$	664	$	757	$	-	$	1,421