GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in goodwill included in the core banking segment during the nine month periods ended September 30, 2020 and 2019 were as follows (in thousands):


	2020		2019
Beginning of year	$	21,824	$	21,824
Acquired goodwill	—		—
Ending balance September 30,	$	21,824	$	21,824

Acquired intangible assets were as follows at September 30, 2020 and December 31, 2019 (in thousands):


	At September 30, 2020				At December 31, 2019
	Balance Acquired		Accumulated Amortization		Balance Acquired		Accumulated Amortization
Core deposit intangibles	$	5,975	$	5,938	$	5,975	$	5,832
Other customer relationship intangibles	5,633		5,299		5,633		5,034
Total	$	11,608	$	11,237	$	11,608	$	10,866

Aggregate amortization expense was $0.1 million and $0.2 million for the three month periods ended September 30, 2020 and 2019, respectively. Aggregate amortization expense was $0.4 million and $0.5 million for the nine month periods ended September 30, 2020 and 2019, respectively.

The remaining estimated aggregate amortization expense at September 30, 2020 is listed below (in thousands):


Year	Estimated Expense
2020	$	113
2021	258
2022	—
2023	—
2024	—

Total	$	371

The amount of goodwill reflected in the Corporation's Unaudited Consolidated Financial Statements is required to be tested by management for impairment on at least an annual basis. The test for impairment of goodwill on the identified reporting unit is considered a critical accounting estimate because it requires judgment on the part of management and the use of estimates related to the growth assumptions and market multiples used in the valuation model. The goodwill impairment testing is performed annually as of December 31 and no impairment charges were incurred. However, Management did conclude that the current decline in macroeconomic conditions is a triggering event, but other mitigating factors did not warrant an interim quantitative impairment test. We continue to evaluate our qualitative assessment assumptions, which are subject to risks and uncertainties, including: (1) forecasted revenues, expenses, and cash flows; (2) current discount rates; (3) our market capitalization; (4) observable market transactions and multiples; (5) changes to the regulatory environment; and (6) the nature and amount of government support that has been and is expected to be provided in the future.