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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Other Intangible Assets

NOTE 9: Goodwill and Other Intangible Assets

The carrying amount of goodwill was $25.19 million and $14.43 million at December 31, 2020 and 2019, respectively. The following table presents the changes in goodwill during the year ended December 31, 2020. There were no changes in the recorded balance of goodwill during the year ended December 30, 2019.


	Community		Consumer
(Dollars in thousands)	Banking		Finance		Total
Balance as of January 1, 2020	$	3,702	$	10,723	$	14,425
Acquisition of Peoples Bankshares, Incorporated		10,766		—		10,766
Balance at December 31, 2020	$	14,468	$	10,723	$	25,191

The Corporation had $2.29 million and $912,000 of other intangible assets as of December 31, 2020 and 2019, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples in 2020 and customer relationships acquired by C&F Wealth Management in 2016. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets:

December 31,

2020

2019

Gross

Carrying

Accumulated

Carrying

Accumulated

(Dollars in thousands)

Amount

Amortization

Amount

Amortization

Amortized intangible assets:

Core deposit intangibles

1,711

(171)

—

Other intangibles

1,405

(654)

1,405

(493)

Total

3,116

(825)

1,405

(493)

Amortization expense was $332,000, $230,000 and $451,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense for 2019 and 2018 included expense related to core deposit intangibles recognized in a previous acquisistion, which was fully amortized by December 31, 2019.

Estimated future amortization expense by year as of December 31, 2020 is as follows:


(Dollars in thousands)
2021	$	314
2022		298
2023		273
2024		260
2025		237
Thereafter		909
Total	$	2,291