The Company recorded goodwill associated with its acquisition of TPB in 2018. As of both September 30, 2020 and December 31, 2019, goodwill totaled $7.4 million. Goodwill must be tested for impairment annually, or more often if circumstances warrant. If, as a result of impairment testing, it is determined that the implied fair value of goodwill is lower than its carrying amount, impairment is indicated, and the goodwill must be written down to its implied fair value.

The Company’s annual test date for goodwill impairment is October 1; however, goodwill may be tested between annual test dates if events or changes in circumstances indicate that it is more likely than not that goodwill is impaired. Factors that are considered when evaluating whether it is more likely than not that goodwill is impaired may include (but are not limited to) significant and sustained reductions in stock price, significant earnings deterioration below forecasted levels, significant deterioration in the credit quality of borrowers, changes in the overall business outlook for an organization, losses in operating cash flows and significant impairment losses recognized by competitors.

Based on a number of considerations, as of September 30, 2020, the Company’s management concluded that circumstances did not indicate that it was more likely than not that goodwill was impaired. However, the ultimate economic impact of the COVID-19 pandemic on the Company’s operations, as well as its stock price, is not yet known. The COVID-19 pandemic and resulting economic implications, including changes in the interest rate environment and potential implications on credit quality, have impacted the Company’s operations and earnings during the course of the first nine months of 2020. In addition, the Company’s stock price has remained at discounted levels since the onset of the pandemic in March 2020. Should the Company’s future operations and/or stock price be negatively impacted for a sustained period of time, management may determine that goodwill testing at an interim period between annual testing dates is appropriate.

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, 2020 were as follows:

	September 30, 2020
	(Dollars in Thousands)
Goodwill	$	7,435
Core deposit intangible:
Gross carrying amount		2,048
Accumulated amortization		(981	)
Core deposit intangible, net		1,067
Total	$	8,502

The Company’s estimated remaining amortization expense on intangibles as of September 30, 2020 was as follows:

	Amortization Expense
	(Dollars in Thousands)
2020	$	92
2021		341
2022		268
2023		195
2024		122
2025		49
Total	$	1,067

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 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.