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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets |
7. | GOODWILL AND OTHER INTANGIBLE ASSETS
The Company recorded $7.4 million of goodwill as a result of its acquisition of TPB in 2018. The Company’s goodwill impairment testing is being performed during the fourth quarter of 2019. Goodwill impairment was neither indicated nor recorded during the nine months ended September 30, 2019 or the year ended December 31, 2018. Goodwill is tested annually, or more often if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements. Goodwill totaled $7.4 million as of both September 30, 2019 and December 31, 2018. Core deposit premiums are amortized over a seven-year period and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Core deposit premiums of $2.0 million were recorded during 2018 as part of the TPB acquisition. The Company’s goodwill and other intangibles (carrying basis and accumulated amortization) as of September 30, 2019 were as follows:
|  | September 30, 2019 |
|  | (Dollars in Thousands) |
Goodwill |  | $ | 7,435 |
Core deposit intangible: |  |  |  |
Gross carrying amount |  |  | 2,048 |
Accumulated amortization |  |  | (549 | )
Core deposit intangible, net |  |  | 1,499 |
Total |  | $ | 8,934 |
The Company’s estimated remaining amortization expense on intangibles as of September 30, 2019 was as follows:
|  | Amortization Expense |
|  | (Dollars in Thousands) |
2019 |  | $ | 110 |
2020 |  |  | 414 |
2021 |  |  | 341 |
2022 |  |  | 268 |
2023 |  |  | 195 |
2024 |  |  | 122 |
2025 |  |  | 49 |
Total |  | $ | 1,499 |
The net carrying amount of the Company’s core deposit premiums is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition. That assessment is based on the carrying amount of the intangible assets subject to amortization at the date on which it is tested for recoverability. Intangible assets subject to amortization are tested by the Company for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.

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- Definition The entire disclosure for goodwill and 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 + Details
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