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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets |
6. | GOODWILL AND OTHER INTANGIBLE ASSETS
The Company recorded $7.4 million of goodwill as a result of its acquisition of The Peoples Bank (“TPB”) in 2018. Goodwill impairment was neither indicated nor recorded during the three months ended March 31, 2021 or the year ended December 31, 2020. Goodwill is 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 goodwill must be 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 March 31, 2021 and December 31, 2020. 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 March 31, 2021 were as follows:
|  | March 31, 2021 |
|  | (Dollars in Thousands) |
Goodwill |  | $ | 7,435 |
Core deposit intangible: |  |  |  |
Gross carrying amount |  |  | 2,048 |
Accumulated amortization |  |  | (1,164 | )
Core deposit intangible, net |  |  | 884 |
Total |  | $ | 8,319 |
The Company’s estimated remaining amortization expense on intangibles as of March 31, 2021 was as follows:
|  | Amortization Expense |
|  | (Dollars in Thousands) |
2021 |  |  | 250 |
2022 |  |  | 268 |
2023 |  |  | 195 |
2024 |  |  | 122 |
2025 |  |  | 49 |
Total |  | $ | 884 |
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 their 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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